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24 October, 2024

ZachXBT Links Chinese OTC Trader to Lazarus Group’s Crypto Laundering Scheme

24 October, 2024

In a recent exposé, renowned blockchain sleuth ZachXBT has accused Chinese over-the-counter (OTC) trader Yicong Wang of laundering millions of dollars in stolen cryptocurrency for the notorious Lazarus Group. The accusation implicates Wang in a complex scheme involving the illicit movement of funds stolen from various cryptocurrency exchanges.

ZachXBT’s investigation uncovered a trail of transactions that allegedly link Wang to Lazarus Group’s activities. These transactions, which involved significant sums of cryptocurrency, were reportedly processed through Wang’s OTC trading platform, raising suspicion of his involvement in laundering stolen funds.

The Lazarus Group, a North Korean state-sponsored hacking group, is known for its sophisticated cyberattacks targeting cryptocurrency exchanges and other financial institutions. The group has been responsible for numerous high-profile heists, including the 2017 WannaCry ransomware attack and the 2020 theft of $620 million from the Ronin Network bridge.

While Wang has not publicly responded to the accusations, the allegations have sent shockwaves through the cryptocurrency community. The investigation highlights the ongoing threat of cybercrime and the importance of robust security measures within the crypto ecosystem.

The allegations against Wang are part of a growing trend of investigations into individuals and entities suspected of facilitating cryptocurrency laundering for criminal organizations. These investigations are crucial for disrupting illicit activities and protecting the integrity of the crypto industry.