North Korea turns to crime networks, mules to launder stolen crypto: Report

North Korea turns to crime networks, mules to launder stolen crypto: Report

Pyongyang has built a complex pipeline spanning blockchains, Chinese-language markets and traditional banks, RUSI says

Shreyas Reddy August 11, 2026

Chinese, North Korean, Thai and Malaysian currency notes | Image: NK Pro (April 2017)

North Korean cybercriminals are increasingly turning to organized crime networks and money mules to convert stolen cryptocurrency to fiat currency, creating a complex laundering pipeline that can make the funds harder to trace, according to a British defense and security think tank.

In a new report, the London-based Royal United Services Institute (RUSI) describes a system in which North Korean-linked funds can move through multiple blockchains and wallets before being handed to third-party laundering groups, including Chinese crime syndicates. 

These facilitators can then use money mules, peer-to-peer (P2P) transactions, illicit online marketplaces and over-the-counter

© Korea Risk Group. All rights reserved.
No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group.