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Chinese Trader Helped Lazarus Group Hackers Launder $17 Million

Chinese Trader Helped Lazarus Group Hackers Launder $17 Million

HappyCoinNewsHappyCoinNews2024/10/24 18:01
By:HappyCoinNews

Blockchain analyst ZachXBT conducted an investigation and found that Chinese over-the-counter trader Yizong Wang helped North Korean hackers from the Lazarus Group launder millions of dollars in stolen cryptocurrency.

According to Lazarus Group, the trader has been conducting illegal transactions with stolen assets since 2022. At the same time, he constantly changed nicknames and was identified at different times under the pseudonyms Seawang, Greatdtrader and BestRhea977.

ZachXBT's investigation into Wang began after a trader approached him to complain that his account had been frozen after making a p2p transaction with Wang.

ZachXBT found out that through the wallet Tron , owned by the suspect, hosted several transactions involving funds stolen during the hack of Alex Labs, Irys and other protocols.

Movement of funds from the wallets of a Chinese trader

Thus, after the Alex Labs, Irys exploits that occurred in May and June 2024, assets worth more than $5,5 million first ended up in Wang's addresses. The trader then helped launder them through crypto mixers and transfer them to other addresses.

The blockchain analyst also found that in August 2024 Tether blacklisted the address Ethereum , which contained 948 ethers belonging to Van.

Yizong Wang was banned from Paxful and Noones on multiple accounts (Seawang/Greatdtrader/BestRhea977) for money laundering and has since moved to run his business outside of the exchanges. Blockchain data shows that he is still actively assisting Lazarus Group, ZachXBT said.

The notorious Lazarus Group, a cybercriminal group linked to the North Korean government, is credited with some of the largest crypto hacks in history, including the $600 million Ronin exploit.

In April of this year, ZachXBT reported that Lazarus Group laundered more than $2020 million from more than 2023 crypto wallet hacks between 200 and 25.

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