North Korea Turns to Crime Networks for Crypto Laundering, RUSI Says
TL;DR
- Criminal Overlap: North Korea mixes stolen crypto with scam and crime proceeds, complicating crypto laundering detection.
- Cash‑Out Tactics: Mules, small conversions, and fragmented transfers help the regime avoid scrutiny during crypto laundering operations.
- Regulatory Gaps: RUSI urges stronger guidance as exchanges recover only a fraction of stolen funds amid persistent crypto laundering networks.
North Korea is increasingly routing stolen cryptocurrency through criminal ecosystems that also serve scam syndicates, making it harder for investigators to trace the funds once they leave the blockchain. A new paper from the Royal United Services Institute says the regime has pushed at least $2.8 billion in stolen virtual assets between January 2024 and September 2025, with researchers focusing on the moment those assets convert into cash. Their findings show how the regime’s reliance on overlapping crime networks complicates efforts to identify proliferation finance, especially as crypto laundering operations blend with ordinary illicit flows.
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