China-based Trader Allegedly Launders Millions for North Korean Hackers

A China-based trader, Yicong Wang, is accused of laundering tens of millions of dollars in stolen cryptocurrency for the notorious North Korean hacking group, Lazarus.

According to onchain analyst ZachXBT, Wang has been converting the stolen digital assets into cash through bank transfers since 2022.

ZachXBT shared this information following a report from a follower whose account was frozen after a peer-to-peer transaction with Wang.

In an October 23 post, he revealed that Wang had attempted to arrange a significant transaction involving $1.5 million worth of USDT for Chinese yuan at a rate significantly lower than the market value.

Wang’s wallet, identified as “0x501,” reportedly accumulated over $17 million linked to more than 25 hacks attributed to the Lazarus Group before Tether froze $374,000 in that wallet in November 2024.

The Lazarus Group is known for executing some of the largest cryptocurrency heists, including the infamous $600 million hack of the Ronin bridge.