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ZachXBT Flags $5-10 Billion Black Market on Tron Linked to Lazarus Group Hacks
A significant market of laundered crypto, estimated to be worth between $5 and $10 billion, has been linked to the notorious Lazarus Group hacks by on-chain investigator ZachXBT. The illicit funds, allegedly stolen from several recent cryptocurrency exchange hacks, have reportedly been successfully laundered through dark networks and small over-the-counter (OTC) brokers operating on the Tron blockchain.
ZachXBT, a renowned expert in tracing and analyzing crypto transactions, has emphasized that this massive black market, dubbed “Black U,” is thriving due to lax enforcement. He highlighted how stolen assets from hacked platforms such as Bybit, DMM Bitcoin, and WazirX were easily laundered with impunity. The investigator expressed concern over the fact that laundering groups have seemingly gained the upper hand in their battle against regulators.
ZachXBT’s findings underscore the alarmingly high percentage of illicit funds circulating within the cryptocurrency space. He noted that more than 50% of some protocols’ usage may stem from stolen assets, which raises concerns about the long-term viability and credibility of these platforms.
Furthermore, ZachXBT emphasized the need for meaningful enforcement and public pressure to combat this problem. He warned that if authorities fail to act, the crypto ecosystem could suffer severe consequences in the future.
ZachXBT’s revelations serve as a stark reminder of the importance of implementing robust anti-money laundering measures and strengthening regulatory oversight within the cryptocurrency sector.
Source: cryptopotato.com
