As a seasoned researcher with years of experience in the dynamic world of cybercrime and cryptocurrencies, I find this latest revelation about Yicong Wang both intriguing and concerning. The alleged laundering of tens of millions of dollars worth of stolen crypto for the notorious Lazarus Group is a stark reminder of the complex web that surrounds these digital assets.
A trader from China, who operates in the over-the-counter market, is accused of laundering approximately tens of millions of dollars’ worth of cryptocurrencies that were stolen by the notorious North Korean hacking group known as Lazarus Group, responsible for some of the largest heists in the crypto world.
It is stated by well-known onchain analyst ZachXBT that Chinese OTC trader Yicong Wang has been exchanging illegally obtained cryptocurrencies into cash for the Lazarus Group via bank transfers since 2022.
The trader was revealed by one of ZachXBT’s followers who had his account frozen after completing a peer-to-peer transaction with Wang, wrote ZachXBT in an Oct. 23 X post:
“Recently they reached back out after having been approached by Yicong Wang for a larger USDT -> CNY order on August 13, 2024, involving $1.5M USDT at a rate much lower than the market rate.”
It was discovered that one of Wang’s associated wallets, labeled “0x501,” accumulated approximately $17 million in cryptocurrency linked to more than 25 hacking incidents attributed to the Lazarus Group. This consolidation occurred before Tether frozen $374,000 USDt (USDT) kept in that wallet in November 2024, according to an on-chain investigator.
Known as the Lazarus Group, this notorious cybercriminal organization believed to be affiliated with the North Korean government, has been linked to several high-profile cryptocurrency heists, such as the $600 million theft from the Ronin bridge.
This is a developing story, and further information will be added as it becomes available.
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2024-10-23 17:30