Highlights
Blockchain investigator ZachXBT has recently revealed that the Tron blockchain network caters to a $50-$10 billion Black U market, actively used by the Lazarus Group and other small OTC markets. He further warned that the crypto industry is currently facing a “crime supercycle,” and attributes this surge to political involvement in meme coins, lenient regulations, and the lack of accountability for bad actors.
This attack on the Tron blockchain comes at a time when the Tron Group declared its plans to go public through a reverse merger with SRM Entertainment. Upon listing, the company will function as “Tron Inc”, and plans to build its own TRX reserves.
Blockchain investigator ZachXBT stated that notorious laundering groups and small OTC brokers are aiding big players, like the notorious Lazarus Group from North Korea, in moving the stolen funds. He specifically noted how these OTC brokers have been active in moving funds from big hacks involving DMM Bitcoin, Bybit, and WazirX.
ZachXBT estimates that the “Black U market” on the Tron network is valued at $5–10 billion, with a significant portion remaining unattributed. Meanwhile, the blockchain investigator criticizes certain DeFi protocols for passively profiting from stolen funds, as over 50% of their activity reportedly originates from illicit sources.
According to ZachXBT, influencers have a free hand in promoting crypto scams while facing no repercussions for the same. Legal systems are also lagging, with courts increasingly siding with smart contract exploiters due to outdated laws, he added.
Tron founder Justin Sun is planning a big move by taking his firm public in the US market through a reverse merger with SRM Entertainment. Despite crypto IPOs gaining popularity recently, Sun is taking the route of a SPAC merger, which is a faster route to go public, instead of traditional IPOs.
However, if the regulators find any unusual activities on the platform, the merger plans could take a hit. Following this announcement, the native crypto TRX has taken a hit amid the broader market correction. The TRX price is down more than 5%, and is currently trading at $0.2733, with daily trading volume collapsing over 50% to $727 million.
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