As per a UN report, North Korea set up a Hong Kong-based Blockchain firm to launder cryptocurrency!
According to the Chosun Ilbo, a Korean newspaper, North Korea employed Marine China, a Blockchain-based shipping and logistics company. With the help of the firm, the country planned to evade sanctions by laundering money.
As per the report, Julian Kim, under the alias Tony Walker, was the only investor in the company. He tried to take out cash from banks several times.
Chosun Ilbo reported the money-laundering scheme also engaged one more unidentified person connected with the company. The individual distributed stolen cryptocurrency of upwards of 5,000 transactions to obscure the source.
Another UN report revealed that in the last few years, North Korea’s hackers attacked 17 countries. This resulted in losses worth more than $2 billion. Thus creating a huge loss. Malicious codes were also developed to shift stolen crypto to a server at the country’s Kim Il-sung University.
In September, it was reported that North Korea is growing its cryptocurrency that has similar properties with Bitcoin, to avoid sanctions from the UN and other international entities.