New York, Wednesday, October 30, 2024 – Blockchain investigator ZachXBT has exposed Chinese over-the-counter (OTC) trader Yicong Wang, also known by aliases like ‘Seawang’ and ‘Greatdtrader,’ for laundering millions of dollars in cryptocurrency stolen by North Korea’s Lazarus Group.1
In an X post shared on October 23, ZachXBT revealed that Wang had been assisting the Lazarus Group since 2022 by converting stolen crypto into cash via bank transfers.
The investigation began after a trader’s account was frozen following a peer-to-peer transaction with Wang. Blockchain analysis revealed that Wang laundered $17 million from over 25 Lazarus-related hacks through an Ethereum address, which Tether partially blacklisted in November 2023.
Despite this, Wang continued to funnel funds through Tornado Cash and other wallets. His activities have been linked to hacks on major crypto projects, including Alex Labs, Irys, and EasyFi.
Despite being banned from platforms like Paxful, Wang continues to conduct business offsite, aiding Lazarus in moving stolen funds. His operations remain active, with significant sums still being laundered in 2024.
Lazarus Group, known for its involvement in high-profile crypto hacks, including the $625 million Ronin blockchain exploit, has been a persistent threat to the crypto industry. The U.S. FBI issued a warning in September 2024 about the group’s increasingly sophisticated attacks on decentralized finance (DeFi) and cryptocurrency companies. ZachXBT previously reported that between 2020 and 2023, Lazarus laundered over $200 million from more than 25 hacks.
