According to Deep Tide TechFlow news on October 23, on-chain detective ZachXBT stated that Chinese OTC trader Yicong Wang has helped the Lazarus Group convert tens of millions of stolen cryptocurrencies into cash through bank transfers since 2022.

A few months ago, a follower contacted ZachXBT after his trading account was frozen following a P2P transaction with OTC trader Yicong Wang (using aliases like Seawang, Greatdtrader, and BestRhea977). He then shared one of Yicong Wang's Tron wallet addresses from a WeChat conversation screenshot.

When reviewing blockchain data related to Yicong Wang, a high risk of illegal funds from Alex Labs, co-founder of Irys, can be noted. Alex Labs was hacked by the Lazarus Group in May 2024, losing approximately $4.5 million. The 948K Ethereum address blacklisted by Tether in August 2024 is also directly related to Yicong. It is evident from on-chain data that he has still been actively assisting the Lazarus Group in recent weeks.