ZachXBT: OTC trader Wang Yicong once helped the Lazarus Group convert tens of millions of stolen cryptocurrencies into cash

ChainCatcher news, according to on-chain detective ZachXBT, Chinese OTC trader Yicong Wang has helped the Lazarus Group convert tens of millions of stolen cryptocurrencies into cash via bank transfers since 2022.

A few months ago, a follower contacted ZachXBT after their trading account was frozen following a P2P transaction with OTC trader Yicong Wang (using aliases such as Seawang, Greatdtrader, and BestRhea977). He then shared one of Yicong Wang's Tron wallet addresses from a WeChat conversation screenshot.

When reviewing blockchain data related to Yicong Wang, a high risk of illicit funds was noted from Alex Labs, co-founder of Irys. Alex Labs was hacked by the Lazarus Group in May 2024, resulting in a loss of approximately $4.5 million. An Ethereum address, 948K, which was blacklisted by Tether in August 2024, is also directly related to Yicong. It is evident from on-chain data that he has continued to actively assist the Lazarus Group in recent weeks.