North Korea uses a Hong-Kong based blockchain company to launder money, UN claims
North Korea has developed a “Spear-Phishing” method to select a target and launch precision attacks.

According to a quarterly report from the UN Security Council’s Sanctions Committee, North Korea has been using a Hong Kong-based blockchain company to launder money.

A quarterly report claims that North Korea employed a shipping and logistics firm – Marine China, which runs on a blockchain platform, to evade international sanctions. The owner and sole investor in Marine China, Julian Kim – who also goes by the alias Tony Walker, had attempted to withdraw money from banks in Singapore on several occasions.

Last year North Korea circulated stolen cryptos through at least 5,000 separate transactions through several countries making it difficult to track, the Committee told.

The report further claims that hackers of the country use a“Spear-Phishing” method to select a target and launch precision attacks. Over the last three years, 17 countries have become victims of this method with an estimated damage of US$2 billion.

A malicious code was developed by the North Korean hackers, which was designed to move stolen bitcoins to a server located at Pyongyang’s Kim Il-sung University.

Source – Coindesk

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