2024

EasyFi

Tornado

<ul class="wp-block-list">
 <li>Yicong Wang, using multiple aliases, allegedly helped launder tens of millions in stolen crypto tied to the Lazarus Group.</li>  
 <li>Transactions linked to Wang show connections to major hacks, including Alex Labs and EasyFi, raising serious legal concerns.</li>  
 <li>Despite bans from trading platforms, Wang continues operations off-site, complicating ongoing investigations into his activities.</li> 
</ul>  
<p>Yicong Wang is a Chinese OTC trader under scrutiny for his ties to the Lazarus Group. Since 2022, he has allegedly converted tens of millions of dollars in stolen cryptocurrency into cash through various hacks. Recently, a follower contacted me after their exchange account was frozen due to a P2P transaction with Wang. This incident highlights the risks associated with engaging with <a href="https://cryptonewsland.com/tether-tron-and-trm-labs-launch-unit-to-combat-crypto-crime-on-tron-network/" target="_blank" rel="noopener noreferrer nofollow">individuals linked to illicit activities</a>.</p>  
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<h2 class="wp-block-heading" id="h-a-pattern-of-transactions">A Pattern of Transactions</h2>  
<p>Wang has used several pseudonyms, including Seawang and Greatdtrader. One follower shared a Tron wallet address linked to Wang. This wallet, THsSCBGazjjho7u2BQQsmrpbDv1Q237FL4, appears in suspicious transactions. On August 13, 2024, Wang contacted the same follower for a large USDT to CNY order involving approximately 1.5 million USDT. Notably, the rate offered was lower than the market average, raising further red flags.</p>  
<p>When examining Wang's blockchain activity, it is clear he has high exposure to illicit funds. Transactions connected to the Alex Labs hack, as well as funds from multiple hacks like EasyFi and Bondly, suggest a coordinated effort to launder money. Moreover, over $17 million from 25 <a href="https://hacken.io/discover/lazarus-group/" target="_blank" rel="noopener noreferrer nofollow">Lazarus Group hacks</a> funneled through the address 0x5018cf5f48a09c46b4833890cc2cf0df2533d16a, where 374,000 USDT was blacklisted by Tether in November 2023.</p>  
<h2 class="wp-block-heading" id="h-the-aftermath-of-hacking-incidents">The Aftermath of Hacking Incidents</h2>  
<p>Following the blacklist, the remaining funds were transferred into Tornado Cash. Subsequently, 1,300 ETH was withdrawn and consolidated at another address, 0x81a. In December 2023, $45,000 was bridged to Tron and transferred to multiple addresses linked to Wang. Additionally, the <a href="https://cryptonewsland.com/bitcoin-defi-alex-labs-4-3m-hack-traced-to-north-korean-lazarus-group/" target="_blank" rel="noopener noreferrer nofollow">Alex Labs hack in May 2024</a> resulted in a loss of $4.5 million, with further connections to Wang's activities.</p>  
<p>Wang's illicit dealings continue despite bans from platforms like Paxful. He reportedly shifted his operations off-site, further complicating efforts to track his activities. Consequently, the investigation into his actions remains ongoing. Hence, the hope is that he will eventually face consequences for his alleged involvement with the Lazarus Group and other criminal enterprises.</p> 
<p>The post <a href="https://cryptonewsland.com/yicong-wang-under-scrutiny-for-crypto/" rel="noopener noreferrer nofollow">Yicong Wang Under Scrutiny for Crypto Laundering Ties to Lazarus Group</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Yicong Wang Under Scrutiny for Crypto Laundering Ties to Lazarus Group

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