N. Korea to Launder Stolen BTC Via HK Firm, – UN

North Korea laundered stolen bitcoins and fiat currencies through a Hong Kong-based company. This is reported by Chosun with reference to the quarterly report of the UN Security Council Sanctions Committee.

To circumvent international sanctions, the country has registered in Hong Kong a shipping and logistics company Marine China, operating on a blockchain platform. The sole owner of the company was a man named Julian Kim, also known under the pseudonym Tony Walker. According to the committee, he tried several times to withdraw money from banks in Singapore.

The cryptocurrency previously stolen by North Korea was exchanged for cash after passing through at least 5,000 individual transactions in several countries, the report says.

Earlier, UN experts estimated that the country stole approximately $ 2 billion of assets from bitcoin exchanges and banks through cyber attacks to mitigate the effects of financial sanctions. In North Korea, the charges have been refuted.

The report indicated that North Korean hackers used targeted phishing technology to select the target and accuracy of the attacks. One of the country’s cyber-specialists malicious code transferred stolen bitcoins to the server of Kim Il Sung University in Pyongyang.