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Prominent crypto investigator ZachXBT has leveled serious allegations against Garden Finance, claiming the Bitcoin bridge platform processed over 80% of its transaction fees from illicit funds. The accusations specifically link these transactions to the notorious Lazarus Group and stolen assets from the Bybit exchange hack.
ZachXBT's June 21 social media post challenged Garden Finance's decentralized nature, stating: "A single entity continuously replenished cbBTC liquidity from Coinbase to facilitate these suspicious transactions." This contradicts the platform's marketing as a trustless cross-chain solution boasting 【40,571 atomic swaps】 worth $1.5 billion.
——"Their decentralization narrative collapses when you follow the money trail,"—— ZachXBT emphasized in his exposé, which included transaction analysis screenshots showing alleged laundering patterns.
Garden Finance co-founder Jaz Gulati countered that 30 BTC in fees predated the Bybit incident, dismissing the claims as "misinformation." However, the platform's Dune Analytics dashboard reveals 【40.11 BTC】 in total fees collected, with suspicious activity clusters around known hack timelines.
The controversy emerges alongside other major crypto laundering cases, including last week's arrest of Evita Pay founder Iurii Gugnin for allegedly moving 【$530 million】 for sanctioned Russian banks. These developments highlight growing regulatory scrutiny of cross-chain transactions.
Blockchain analysts note several concerning patterns in Garden Finance's operations: • 72% of large transactions occurred within 48 hours of major hacks • Identical wallet clusters recycled funds through multiple hops • Unusually high 【10 BTC】 single-swap volumes compared to industry norms
As authorities worldwide develop crypto tracking tools (like Hong Kong's new anti-money laundering system), such allegations could accelerate calls for stricter bridge regulation. Cointelegraph's request for comment from Garden Finance remained unanswered at publication time.