Blockchain investigator ZachXBT said Oct. 20 that illicit activity was tied to more than 87% of the value flowing into FreedomXMR, raising questions about funds moving through the crypto service.
That share refers to inflow value, not the number of transactions. It is separate from ZachXBT’s review of past transfers above $10,000. He said FreedomXMR appeared on Hyperliquid Core in August 2026.
In the separate review, ZachXBT traced more than $20 million to incidents involving ransomware, exploits, malware and social engineering. He named cases connected to DCENT Wallet, Fetch.ai, Axelar and Gamdom.
ZachXBT also pointed to Hyperliquid Core’s permissionless design and cited earlier use of the service by platforms including b1exch. He said he shared a spreadsheet of source data with the Hyperliquid team.
ZachXBT alleged that the FXMR administrator obtained Monero (XMR) liquidity through KuCoin, citing more than 3,000 deposits to the exchange. The post did not assign that total to the listed administrator addresses. The deposits alone do not show that KuCoin knew of or participated in the alleged activity. ZachXBT identified no scheduled decision or response from Hyperliquid.
