ZachXBT links over 87% of FreedomXMR inflows on Hyperliquid to illicit funds

Blockchain investigator ZachXBT has linked more than 87% of inflows into FreedomXMR, a cryptocurrency exchange service operating on Hyperliquid Core, to suspected illicit activity, with over $20 million traced to cybercrime-related sources. Summary ZachXBT says more than 87% of funds entering FreedomXMR on Hyperliquid Core are linked to illicit activity. The investigator traced over $20 million to ransomware, exploits, malware and social engineering attacks. The identified incidents include attacks involving DCENT Wallet, Fetch.ai, Axelar and Gamdom. ZachXBT linked the service’s Monero liquidity to KuCoin and identified more than 3,000 exchange deposits. The FXMR ticker was acquired for 518.28 HYPE on July 27, before the service reportedly appeared in August. In an October 20 investigation, ZachXBT identified FreedomXMR, known as FXMR, as a centralized laundering service that emerged on Hyperliquid Core in August 2026. His analysis covered historical incoming transactions exceeding $10,000 each. The investigator connected the funds to ransomware payments, cryptocurrency exploits, malware and social engineering attacks. ZachXBT traces $20 million in suspected illicit inflows Accordi...