Trader laundered tens of millions of dollars in cryptocurrency for the biggest crypto fraudsters of our time

Cryptocurrency fact-checker and whistleblower ZachXBT has accused Chinese trader Yicong Wang of laundering crypto assets stolen by the North Korean hacker group Lazarus. According to him, since 2022, Yicong Wang could have laundered tens of millions of dollars through over-the-counter (OTC) transactions.

The Lazarus Group is one of the most notorious hacker groups specializing in cryptocurrency theft and is responsible for stealing assets worth about $ 879 million. The group actively uses various methods to launder stolen funds, in particular, in July 2024, they moved $ 35 million through Cambodia.

ZachXBT noted that Yicong Wang was led to him by an anonymous user whose account was blocked after a P2P transaction with this trader. The user provided the crypto fact-checker with wallet information, screenshots of conversations, and other information. Later, Yicong contacted the user again, offering favorable conditions for exchanging USDT for Chinese yuan, which may indicate fraudulent activities.

Although the specific amount of laundered funds was not disclosed, ZachXBT pointed to several cases where Yicong helped convert stolen assets into cash, including multi-million dollar transactions. The researcher also emphasized that tracking criminal crypto transactions is still a challenge.

The crypto activist noted that despite the closure of several Yicong Wang accounts on different platforms, the trader continues to be active and has probably changed his strategies. In his opinion, Yicong is still cooperating with the Lazarus Group, and he expressed hope that in the future, Wang will be held accountable for his actions.