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North Korea is Laundering on Stolen Cryptocurrency

North Korea is Laundering on Stolen Cryptocurrency

North Korea is Laundering on Stolen Cryptocurrency-Techcryption-01

Recently in the early of November, North Korea has conducted another test of super-large multiple rocket launcher. Known to be a closed-door nation, with various internal issues like hunger among children and insufficient education opportunity, the nation never ceases to get the attention of media around the globe.

Reportedly, North Korea has been avoiding penalty with laundering stolen cryptocurrency by using a Hong Kong-based blockchain firm, Marine China which is known as a shipping and logistics company.

According to a report by North Korea UN Security Council’s Sanctions Committee, more than 15 countries have been the target of hackers resulting in the amount of over $2 billion loss, which the firm denied.

The owner of Marine China, Julian Kim as known as of Tony Walker, was reported to make several attempts to withdraw money from Singaporean banks. Besides, there were reportedly 5,000 transactions in various countries being linked to an individual within the firm that was tampered to make it difficult to track.

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Besides, one malicious code was also reportedly developed by the hackers to funnel stolen bitcoins to a server at Pyongyang’s Kim Il-sung University.

North Korea is also known to have an intelligence agency to groom ‘cyber agents’ from a very early age to become hackers and steal cyber money and is known to have used an attack method called ‘spear-phishing’ on a bank in Bangladesh in 2016.

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