The North Korean cybercrime group is credited with some of the biggest crypto hacks, including the $600 million Ronin bridge exploit.
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A China-based over-the-counter (OTC) trader has allegedly laundered tens of millions of dollars worth of stolen crypto for the infamous North Korean Lazarus Group, the hackers behind some of the biggest cryptocurrency hacks.
Chinese OTC trader Yicong Wang has been converting stolen cryptocurrencies to cash on behalf of the Lazarus Group through bank transfers since 2022, according to popular onchain analyst ZachXBT.
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.”
One of the addresses associated with Wang, wallet “0x501” consolidated over $17 million worth of cryptocurrency connected to over 25 Lazarus Group hacks before Tether froze $374,000 USDt (USDT) held by the wallet in November 2024, added the onchain investigator.
The infamous Lazarus Group, a cybercrime group connected to the North Korean government, is credited for some of the biggest-ever crypto hacks, including the $600 million Ronin bridge exploit.
Related: Lazarus Group laundered over $200M in hacked crypto since 2020
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News