Blockchain detective ZachXBT on June 21, 2025, on X accused the decentralized platform Garden Finance of laundering funds related to the hacking attack on the Bybit exchange, where $1.4 billion was stolen. According to him, over 80% of the platform's fee revenue ($300,000 in 12 days) comes from illegal transactions allegedly organized by Chinese money launderers linked to the North Korean Lazarus group.
Garden Finance, which positions itself as the 'fastest Bitcoin bridge,' processed 24,984 $BTC ($1.5 billion) through 40,571 atomic swaps. ZachXBT claims that a single organization constantly replenished cbBTC liquidity from Coinbase, questioning the decentralization of the platform. Co-founder of Garden Finance, Jazz Gulati, dismissed the accusations, stating that 30 BTC in fees were collected before the Bybit hack, and labeled the claims as 'disinformation.'
This controversy has resonated in the crypto community, raising questions about the vulnerability of DeFi platforms to abuse. Analysts warn that the accusations could lead to regulatory pressure on Garden Finance.
Subscribe to #MiningUpdates to keep up with developments!
#zachxbt #GardenFinance #CryptoLaundering #BybitHack #LazarusGroup #defi #Blockchain