TechFlow reports on October 23 that blockchain investigator ZachXBT stated Chinese OTC trader Yicong Wang (Wang Yicong) has, since 2022, assisted the Lazarus Group in converting tens of millions of dollars worth of stolen cryptocurrency into cash via bank transfers.
Several months ago, a follower reached out to ZachXBT after completing a P2P transaction with OTC trader Wang Yicong—operating under aliases such as Seawang, Greatdtrader, and BestRhea977—only to have their trading account frozen. The individual then shared one of Wang Yicong's Tron wallet addresses from WeChat chat screenshots with ZachXBT.
Upon reviewing blockchain data linked to Wang Yicong, significant links to illicit funds were identified, including connections to Alex Labs, co-founder of Irys, who was hacked by the Lazarus Group in May 2024, suffering losses of approximately $4.5 million. Additionally, an Ethereum address holding 948K ETH, blacklisted by Tether in August 2024, is directly tied to Wang Yicong. On-chain evidence clearly indicates he has remained actively involved in assisting the Lazarus Group over recent weeks.
