ZachXBT Links 18 Million Euros to Money Laundering Service FreedomXMR on Hyperliquid

ZachXBT has traced nearly 18 million euros in inflows at FreedomXMR, an application on the Hyperliquid network, to illegal activities such as hacks and extortion. Over 87 percent of the investigated inflows are said to be directly linked to crime. The data has been shared with Hyperliquid, but no official response or enforcement action has been announced yet. ZachXBT examined deposits of over 8,900 euros and linked them to incidents involving DCENT Wallet, Fetch.ai, and Axelar. FreedomXMR operates on a permissionless system, meaning prior approval is not required. The administrators obtained the ticker symbol FXMR on July 27. ZachXBT claims that the administrator acquired monero via KuCoin, with over 3,000 deposits linked to the exchange. There is currently no evidence that KuCoin knowingly participated in money laundering.

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