North Korea Leans on Crime Networks to Launder $2.8 Billion in Stolen Crypto

North Korea's regime has stolen at least $2.8 billion in cryptocurrency between January 2024 and September 2025, according to a recent paper from the British think tank RUSI. The funds are suspected to support its weapons program.

The researchers found that North Korea is increasingly relying on established criminal networks to launder the stolen crypto. This blurs the trail investigators follow, making it harder for them to track down the regime's illicit activities.

Crypto assets are being bought and sold through peer-to-peer marketplaces, often in small pieces under thresholds that trigger bank review. The process involves money mules recruited in countries like the Philippines, Indonesia, and China, who open accounts on behalf of the North Korean regime.

The laundering networks overlap with those used by scam syndicates and organized crime groups. Compliance teams are struggling to separate markers of proliferation finance from ordinary laundering.