It said investigations by TRM Labs show that dollars were transferred this year from a cryptocurrency wallet belonging to Sim Hyon-sop, a North Korean money launderer, to a wallet linked to the Revolutionary Guard. According to the newspaper, Sim saw his bounty rise from $5 million to $7 million (approximately 10 billion Korean won) in July. Also, foreign currency earned by North Korean laborers in Russia, China, and Africa flowed into Sim’s accounts via similar laundering routes. Among the examples cited is the use of a company in Zimbabwe to purchase a $300,000 helicopter in Russia and deliver it to North Korea. Referring to data from the Financial Action Task Force (FATF) and Chainalysis, the report said dozens of North Korean “shadow bankers” are active outside the country.

Source: The North Africa Journal December 28, 2025 07:09 UTC