Key facts
- North Korea stole at least $2.8 billion in crypto between January 2024 and September 2025.
- The regime increasingly launders stolen crypto via established criminal networks.
- A paper by British think tank RUSI details these findings.
- North Korea uses money mules to launder stolen funds.
- The regime mixes stolen crypto with investment scam proceeds to blur trails.
North Korea has been implicated in the theft of at least $2.8 billion in cryptocurrency over a 21-month period, from January 2024 to September 2025. A paper released by the British think tank RUSI details how the regime is increasingly relying on established criminal networks to launder these stolen digital assets. The report suggests that North Korea is employing a multi-pronged approach, utilizing money mules to facilitate transactions and blending cryptocurrency obtained through illicit means with funds generated from investment scams. This method aims to obscure the trail of the stolen funds, making it more difficult for authorities to trace and recover them. The findings underscore a significant escalation in the scale and sophistication of North Korea's cybercriminal activities, with a clear focus on cryptocurrency theft and laundering.