S2W TALON analyzes laundering infrastructure used in North Korea-linked cryptocurrency theft operations, citing Ronin Bridge, Horizon Bridge, Atomic Wallet, DMM Bitcoin, and Bybit as cases tied by public reporting to Lazarus, TraderTraitor, and related activity. The report describes staged laundering through wallet splitting, mixers, bridges, cross-chain swaps, exchange services, OTC networks, and stablecoin conversion. It highlights THORChain, eXch, Chinese Laundromat-style OTC brokers, and Huione-related services as recurring infrastructure or settlement paths, and recommends behavior-based tracking of laundering services and protocols alongside public IOC monitoring.