ZachXBT Reports on Cryptocurrency Laundering via FreedomXMR on Hyperliquid

Anonymous blockchain researcher ZachXBT stated that the laundering of stolen cryptocurrency may have occurred through the centralized swap service FreedomXMR (FXMR) on Hyperliquid Core. According to his estimates, over 87% of the funds flowing into FXMR are linked to hacks and cryptocurrency crimes. ZachXBT tracked the movement of over $20 million, which he believes to be hacker revenues, including funds from ransomware attacks and social engineering schemes. The transactions highlighted funds associated with the hacking of the DCENT Wallet and attacks on Axelar. The researcher claims that the operator of FXMR provides liquidity for Monero (XMR) through the KuCoin exchange, from which more than 3,000 deposits were sent. FXMR gained placement on Hyperliquid Core through a Dutch auction, paying 518.28 HYPE tokens, which amounted to about $28,000. ZachXBT believes that the lack of centralized oversight on the platform allowed FXMR and other services potentially used for money laundering to emerge on Hyperliquid.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.