Chinese OTC trader linked to laundering millions for North Korean hackers
ZachXBT identified Yicong Wang as a Chinese OTC trader aiding the North Korea-affiliated Lazarus Group in laundering stolen cryptocurrency. Since 2022, Wang has reportedly converted tens of millions of dollars from various hacks into cash via bank transfers. His connection to the Lazarus Group includes involvement in hacks targeting Alex Labs and Irys, with one address consolidating over $17 million linked to more than 25 hacks. In December 2023, the group transferred $45,000 in stolen assets to addresses associated with Wang. Despite being banned from platforms like Paxful, he continues to operate under aliases and is believed to still launder funds for the group. The Lazarus Group has been linked to over $500 million in cryptocurrency thefts from various exchanges, including significant breaches of DMM and WazirX.
