North Korea's Crypto Heists Enter Global Money-Laundering Networks

A recent paper from British think tank RUSI reveals that North Korea is increasingly relying on established criminal networks to launder its stolen cryptocurrency.

Between January 2024 and September 2025, the regime stole at least $2.8 billion in virtual assets, which researchers believe are used to support its weapons program.

The paper focuses on how this money is converted into cash, highlighting a complex web of transactions involving third-party buyers, over-the-counter desks, and peer-to-peer traders.

Mules recruited in the Philippines, Indonesia, and China are often used to open accounts and facilitate the conversion of stolen coins into fiat currency.