North Korea launders crypto & cash through international blockchain companies: UN report

posted 9 months ago
North Korea has been using a Hong Kong-based blockchain company to launder money, according to a quarterly report from the UN Security Council’s Sanctions Committee on North Korea. North Korea employed a shipping and logistics firm called Marine China, which runs on a blockchain platform, to avoid international sanctions by laundering stolen cryptocurrency.

The “sole owner and investor in the firm” had attempted to withdraw money from banks in Singapore on several occasions. The laundering scheme circulated the stolen crypto through upwards of 5,000 transactions in multiple countries to obfuscate its source. The report further states that North Korea has developed precision “spear-phishing” attacks and that malicious code was used to move stolen Bitcoin to a server located at Pyongyang’s Kim Il-sung University.
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