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ZachXBT: Over 87% of funds flowing into Hyperliquid's money laundering service FreedomXMR are linked to illicit activities, with over $20 million traceable to ransomware and other attacks.
On-chain detective ZachXBT reported that FreedomXMR (FXMR)—a centralized money laundering service that appeared on Hyperliquid Core in August 2026—had over 87% of its incoming funds directly linked to illicit activities. A review of all historical inflows exceeding $10,000 revealed over $20 million traceable to ransomware, exploits, and social engineering attacks, including incidents involving DCENT Wallet, Fetch.ai, Axelar, and Gamdom. The investigation also found that FXMR's administrators sourced XMR liquidity from KuCoin, with associated addresses making over 3,000 deposits to the exchange. ZachXBT has shared the supporting on-chain data with the Hyperliquid team.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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