Tuesday, February 11, 2025

Laundered $17M: Chinese Trader Linked to Lazarus Group in Massive Hacks

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Originally published on: October 23, 2024

A trader based in China has been accused of laundering more than $17 million in stolen cryptocurrency for the notorious North Korean Lazarus Group, responsible for some of the largest cryptocurrency hacks in history.

Yicong Wang, an over-the-counter (OTC) trader, has reportedly been converting stolen cryptocurrencies into cash for the Lazarus Group through bank transfers since 2022, as per insights from onchain analyst ZachXBT.

The revelation of Wang’s involvement came to light when one of ZachXBT’s followers had their account frozen after engaging in a peer-to-peer transaction with Wang, explained ZachXBT in an Xpost on Oct. 23.

According to the investigation, a wallet associated with Wang, identified as “0x501,” consolidated over $17 million from more than 25 Lazarus Group hacks before Tether intervened and froze $374,000 in USDT held by the wallet in November 2023.

The Lazarus Group, known for its affiliation with the North Korean government, has been behind major crypto exploits, including the $600-million Roninbridge hack.

Recently, the FBI issued a warning about the Lazarus Group’s shift towards social engineering schemes, targeting workers at DeFi and cryptocurrency companies to execute elaborate theft campaigns.

Michael Pearl, Vice President of GTM strategy at Cyvers, suggested that US spot Bitcoin ETFs could be the next focus for the Lazarus Group due to the potential for substantial gains.

Additionally, there are concerns that the group may set its sights on the Cosmos ecosystem, with reports indicating possible North Korean involvement in the development of part of the system.

Lazarus Group, active since 2009, has amassed over $3 billion in stolen crypto assets by 2023, solidifying its reputation as one of the most prolific hacker groups in the cryptocurrency space.

For more insights on crypto laws and guidelines, subscribe to the Law Decoded newsletter for weekly updates on regulatory developments impacting crypto ventures. Stay informed and make informed decisions for your crypto investments.

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