Blockchain analyst ZachXBT says he traced the group after the $1.5 billion Bybit hack in 2025. The laundering took place in mainland China and Hong Kong through Discord and Telegram channels. The information he obtained helped him identify $12 million linked to Bybit.
ZachXBT also ties the Chinese actors to laundering $387.5 million stolen from Bitget and $292 million from Kelp DAO. At the same time, in China, the number of wallets sending stablecoin transactions rose 43-fold from Q1 2024 to Q2 2026. In particular, Chainalysis identified $104.1 billion across 18.1 million transfers from July 2025 to June 2026.