Renowned crypto detective ZachXBT reported a significant increase in abuses within the cryptocurrency sector. In his view, the situation in the realm of digital assets has worsened, particularly due to the activities of politicians launching meme coins and the closure of several legal cases, which in turn has contributed to the expansion of illegal activities.
This is reported by Finway
The Role of the Lazarus Group and Money Laundering Mechanisms
The expert highlighted the activities of the notorious hacking group Lazarus Group, which, according to him, has been able to launder funds obtained from large-scale hacks of the Bybit, DMM Bitcoin, and WazirX platforms without hindrance. In this process, small over-the-counter brokers and specialized money laundering networks were used, complicating the tracking of the assets’ origins.
“I estimate the black market for stablecoins on TRON to be between $5-10 billion,” the detective wrote, adding that most of these assets are not linked to real individuals.
Inaction of Market Participants and Risks for Users
ZachXBT also emphasized that some project teams continue to charge fees despite over 50% of the activity in their protocols being related to stolen funds. According to the expert, this indicates a lack of effective control and anti-fraud mechanisms on the part of the market participants themselves.
Additionally, the crypto detective criticized influencers who actively promote fraudulent projects, as well as the judicial system, which often makes decisions in favor of wrongdoers based on outdated rules. ZachXBT noted that currently it is “the worst time for phishing and social engineering,” as “gray” practices appear to be safer and more profitable for scammers.
It has also been previously noted that crypto hackers operate in an organized manner, working on commission and coordinating their attacks.