Blockchain investigator ZachXBT has suggested that the Lazarus Group, the suspected perpetrators of the $1.4 billion Bybit hack, may also be behind recent memecoin scams on Solana. The attackers allegedly laundered stolen funds through wallets connected to Pump.fun, a Solana-based token launch platform.
On-chain data indicates that $1.08 million from the Bybit hack was transferred to a specific Ethereum address before being bridged to Solana and distributed across multiple wallets. Some of these wallets have historical links to memecoin scams.
ZachXBT also found connections between the same wallets and the $29 million Phemex hack in January. This pattern suggests a broader strategy by the hackers to exploit DeFi platforms and manipulate crypto markets.
Meanwhile, Solana has faced a wave of memecoin scams, including the Libra token collapse, which saw a 94% price drop, erasing $4 billion in investor capital. Despite these challenges, some analysts believe Solana’s growth potential remains strong.
