ZachXBT links over 87% of FreedomXMR inflows to illicit activity

On-chain investigator ZachXBT has published findings on FreedomXMR, a swap service operating on Hyperliquid Core. He says over 87% of its inflows come from illicit activity, totaling more than $20 million. FreedomXMR, which trades under the FXMR ticker, only surfaced in August 2026. Within roughly two months, it had apparently become a destination for proceeds from several high-profile hacks. What ZachXBT found ZachXBT released the report on October 20, 2026. He describes FXMR as a centralized laundering service, despite the decentralized setting it operates in. The headline number comes from inflow volume. According to ZachXBT, 87% of the money moving into FXMR is tied to illicit sources. The $20 million figure comes from a narrower analysis. ZachXBT manually reviewed transactions above $10,000 and traced more than $20 million to crimes including ransomware, exploits, malware distribution, and social engineering. The report ties FXMR to a list of incidents: September 2026: exploits connected to DCENT Wallet, Fetch.ai, and Axelar, plus an unnamed ransomware payment. October 2026: the Gamdom exploit. How the service works FXMR runs on a swap model similar to Wagyu services, accordin...