US sanctions exposed a cash-out network linked to North Korean covert workers, with two Russian nationals accused of facilitating about $5.5 million in transactions. A Chainalysis investigation traced stablecoin salaries to a covert North Korean developer and then to Russian intermediaries and sanctioned entities. Boykov allegedly processed $3.5 million in cryptocurrency since 2024, while Obertas allegedly converted nearly $2 million and handled at least $1.25 million in other currencies since January 2025. According to a UN estimate cited by Chainalysis, these fraudulent employment schemes generate $250 million to $600 million in annual revenue, with the funds supporting the regime’s weapons programs.
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