North Korea stole at least $2.8 billion in cryptocurrency between January 2024 and September 2025, according to a report by the British institute RUSI. The regime launders these funds by integrating them into the criminal networks used by scam syndicates, making traceability more difficult for investigators. Conversions are carried out through money mules recruited in the Philippines, Indonesia and China, where credentials sell cheaply. After the Bybit hack in February 2025, 95% of the $1.5 billion stolen moved through decentralized services, and all of it had been converted to fiat currency by September 2025. Bybit only recovered 5% of the stolen funds, with $48.4 million recovered and $30.5 million frozen.
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