Analysts: North Korea funds its regime through cryptocurrency scams

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Analysts: North Korea funds its regime through cryptocurrency scams

25 Oct dealing with cybersecurity company Recorded Future published a report that contains accusations against the authorities of North Korea. According to experts, the leadership of the DPRK with the help of cryptocurrency are trying to circumvent international economic sanctions.

Through sanctions the international community seeks to punish the North Korean regime for the illegal development of nuclear weapons, trade in conventional weapons and systematic violations of human rights.

In September, the network edition of CCN reported by: American financial experts Lourdes Miranda and Ross Delston accused North Korea in that it raises funds with the help of mining and cryptocurrency fraudulent schemes. In October, the media wrote that infamous group of North Korean hackers Lazarus is responsible for the theft of more than $571 million in the cryptocurrency.

The report Recorded Future States that mining bitcoin and Monero North Korean leaders are engaged in small scale, but since the first quarter of 2018 to the present day concentrate on cryptocurrency same. In particular, experts consider the two cryptocurrencies — HOLD, and Marine Chain — skam— the projects created under the patronage of the authorities of the DPRK.

HOLD Coin, also known in the past as Interstellar, HUZU and Stellar (not to be confused with XLM), not just listed on the various exchanges and deprived him until he disappeared along with the mass users.

Marine Chain, as the cryptocurrency has positioned itself as the blockchain app for tokenization activities of the Navy — Marine Chain Platform. The experts at Recorded Future found that in Marine Chain is a fraudulent structure that operated in Singapore and potentially threatening cyber security in the whole of Southeast Asia.

Analysts believe that the key figures in this network were Huomeng Choi, who called himself cryptocurrency investor and consultant, and head of the Marine Chain captain Jonathan Fung Kah Keong. Among other things, they manipulated the registration of ships of the three countries, giving the North Korean ships to sail under foreign flags to bypass the ban.

Experts also believe that these people were associated with the canadian company Binary Tilt, which the government of Ontario was accused of crypto-currency fraud after dozens of investors have lost hundreds of thousands of dollars.

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