According to the South Korean newspaper Chosun, North Korea employed a shipping and logistics company called Marine China, which operates on a blockchain platform to avoid international sanctions on money laundering of stolen cryptocurrency.
The report alleges that a man named Julian Kim, under the code name Tony Walker was the sole owner and investor of the company and had repeatedly tried to withdraw money from banks in Singapore. According to Chosun, the United Nations has alleged that money laundering, which included another unnamed person, has circulated the stolen crypto through more than 5,000 transactions in several countries to conceal its source.
The report also states that North Korea has developed precision attacks on spear phishing. In the past three years, 17 countries have been attacked by hacking experts, resulting in losses of more than $ 2 billion, a number the regime has denied, according to a previous UN report. Chosun adds that the report also mentions the development of malicious code for transferring stolen Bitcoin to a server at Kim Il-sung University in Pyongyang.
Heavy sanctions by the United Nations and other international organizations against North Korea have driven the country’s regime toward cryptocurrencies over time. This September, Vice reported that the country is developing its cryptocurrency with features similar to Bitcoin to circumvent international sanctions.
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