North Korean IT Workers Rake in $17M in USDC Through Crypto Sector Infiltration

North Korean IT operatives have infiltrated the cryptocurrency industry, earning nearly $17 million this year by posing as foreign developers. Blockchain investigator ZachXBT uncovered their scheme, revealing they secured roles in hundreds of crypto projects while concealing their identities and locations.

Monthly earnings ranged between $3,000 and $8,000 per role, totaling an estimated $2.76 million monthly. Payments often flowed through USDC wallets, with some funds traced directly from Circle accounts—highlighting compliance vulnerabilities at the publicly listed stablecoin issuer.

One transaction originated from a Tether-blacklisted wallet linked to North Korean actor Hyon Sop Sim. The operation demonstrates Pyongyang's sophisticated use of crypto ecosystems to bypass sanctions, with stablecoins emerging as an unwitting conduit.