North Korean Hackers Have Stolen So Much Crypto. How Do They Launder It？

North Korean hackers increasingly rely on professional money-laundering networks to convert stolen crypto into usable funds. These intermediaries may take control of stolen assets early, pay attackers after deducting fees, and assume the risks of subsequent transfers and cashing out.

Following the $1.5 billion Bybit hack in February 2025, zeroShadow estimated that over $1 billion in stolen funds had been laundered between February and June 2025, though this does not mean the entire amount was converted into fiat. Elliptic traced approximately $200 million through eXch and identified funds routed through cross-chain transfers, USDT conversions, and suspected Chinese OTC services. While blockchain transactions remain traceable, recovering stolen assets depends on cooperation from exchanges, token issuers, and law enforcement. — link