North Korea has stolen at least $2.8 billion in cryptocurrency between January 2024 and September 2025, laundering it through existing criminal networks
2026-08-11 12:07
Odaily News: The North Korean regime stole at least $2.8 billion in crypto assets between January 2024 and September 2025, increasingly laundering them through established criminal networks. According to a report by the Royal United Services Institute (RUSI), a UK-based defense and security think tank, the funds are believed to support its weapons programs.
Stolen tokens frequently change ownership before being converted into cash, with third parties sometimes purchasing them at a discount or mixing them with proceeds from investment scams such as "pig butchering" schemes. Cashing out primarily relies on "money mules" recruited in the Philippines, Indonesia, and China, where stablecoins are typically split up and sold through peer-to-peer markets.
After the Bybit hack, ZeroShadow found that TraderTraitor moved funds through over-the-counter (OTC) desks, peer-to-peer traders, and Chinese organized crime syndicates. Bybit has recovered $48.4 million and frozen $30.5 million in assets, accounting for roughly 5% of the stolen amount in total. (Decrypt)
Stolen tokens frequently change ownership before being converted into cash, with third parties sometimes purchasing them at a discount or mixing them with proceeds from investment scams such as "pig butchering" schemes. Cashing out primarily relies on "money mules" recruited in the Philippines, Indonesia, and China, where stablecoins are typically split up and sold through peer-to-peer markets.
After the Bybit hack, ZeroShadow found that TraderTraitor moved funds through over-the-counter (OTC) desks, peer-to-peer traders, and Chinese organized crime syndicates. Bybit has recovered $48.4 million and frozen $30.5 million in assets, accounting for roughly 5% of the stolen amount in total. (Decrypt)
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