All Roads Lead to China

From North Korean crypto heists to cartel money laundering and fentanyl trafficking, this in-depth report exposes how Chinese underground banking networks have become the financial engine behind today’s most sophisticated transnational crime schemes.

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All Roads Lead to China offers a rare investigative lens into how these informal value transfer systems — commonly known as fei qian or “flying money” — operate at the seams of crypto, trade, and cash. Drawing on exclusive blockchain intelligence and real-world case studies, the report unpacks how Chinese OTC brokers, Triad-affiliated networks, and shell firms quietly move billions in illicit funds for actors including the Lazarus Group, Mexican cartels, and Russian cybercriminals.

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Key insights include:

• The mechanics of crypto-fueled mirror exchanges between Chinese money brokers and Mexican cartels
• How Triads exploit crypto casinos, scam call centers, and trade-based laundering to clean proceeds from drugs and fraud
• The laundering playbook behind North Korea’s USD 1.5 billion Bybit hack in 2025
• How Chinese companies facilitate sanctions evasion for both North Korea and Russia via digital assets

Whether you’re a compliance professional, investigator, policymaker, or crypto business leader, this report delivers actionable intelligence on one of the most pressing — and underrecognized — challenges in financial crime today.