A China-based over-the-counter (OTC) trader, Yicong Wang, has reportedly laundered over $17 million in stolen cryptocurrencies for the North Korean Lazarus Group through a series of bank transfers since 2022. The Lazarus Group, known for high-profile hacks including the $600 million Ronin bridge exploitation, relies on traders like Wang to convert illicit cryptocurrencies into cash. On October 23, analyst ZachXBT revealed that one of Wang's wallet addresses consolidated funds linked to over 25 Lazarus Group hacks. Investigations into Wang were triggered after a peer-to-peer transaction led to account freezes. A notable transaction involved a request for a $1.5 million USDT to CNY conversion at an unusually low rate. Tether responded by freezing $374,000 held in Wang's wallet in November 2024. This case highlights ongoing issues surrounding the laundering of cryptocurrency linked to global cybercrime activities.

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