30s Summary

A Chinese trader, Yicong Wang, has allegedly been converting stolen cryptocurrency into cash for the North Korean hacker group, Lazarus Group, since 2022. Crypto expert ZachXBT discovered this when one of his followers had their account frozen due to dealings with Wang. Wang used a digital wallet which showed transactions of over $17 million from Lazarus Group scams. However, in November 2024, Tether, a company, froze around $374,000 of cryptocurrency in that wallet. Lazarus Group, linked with North Korean government, is known for significant crypto scams, including a noted $600 million scam.

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A trader based in China has reportedly been cleaning up and cashing in stolen cryptocurrency for the notorious North Korean hackers, the Lazarus Group, known for pulling off massive crypto scams.

According to ZachXBT, a prominent crypto expert, this guy called Yicong Wang has been using bank transfers to turn stolen digital coins into hard cash for the Lazarus Group from 2022. One of ZachXBT’s followers tipped him off, after having their own account frozen because they had a direct deal with this Wang person.

ZachXBT said in an online post that this follower was contacted again by Wang in August 2024 to deal with a significant amount of USDT (a type of cryptocurrency) to CNY (Chinese yuan) at a lower than usual rate.

It seems this Wang was using a digital wallet, named “0x501”, which showed transactions of over $17 million from about 25 different Lazarus Group scams. However, in November 2024, a company called Tether froze around $374,000 of USDT in that wallet, said ZachXBT.

Quick background on the Lazarus Group – they’re a pretty infamous gang of cybercriminals believed to be connected to the North Korean government, and they’ve got quite the rap sheet, including a notable $600 million crypto scam. This story is still unfolding, and we’ll share more info as it comes to hand.

Source: Cointelegraph