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North Korea Launders Billions in Stolen Crypto
The Hermit Kingdom, which intelligence agencies say was behind the $1.5 billion Bybit hack, faces “offramping” challenges due to the size of its hauls.
Instead, North Korea uses a well-developed network of over-the-counter (OTC) brokers to launder the stolen funds, according to Ari Redbord, global head of policy at blockchain analytics firm TRM Labs. “They'll look to exchanges globally that don't have compliance controls in place,” Redbord, a former senior advisor to the Deputy Secretary and the Undersecretary for Terrorism and Financial Intelligence at the U.S. Treasury, told CoinDesk in an interview. The network of Chinese shell companies that North Korea uses to launder funds — whether from crypto or other sources — is constantly being monitored by U.S. agencies in collaboration with Japanese and South Korean authorities, Redbord said.
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