The UN security Council Committee on sanctions against North Korea has accused the country of laundering money through the Hong Kong blockchain company Marine China.
The Committee conducted an investigation on the basis of which it accused North Korea of using various strategies with cryptocurrencies to evade international sanctions.
According to the UN, the Hong Kong company Marine China, which uses blockchain technology in the field of shipping and logistics, was created by participants from North Korea, and its owner and sole investor is Julian Kim, who works under the pseudonym Tony Walker. In addition, the Committee has suspicions that Kim appointed his own person as the head of the company, who several times tried to withdraw money in cash from Singapore banks.
The UN said that with the help of the firm Marine China, North Korea made about 5,000 international transactions with the stolen cryptocurrency to make it harder to track the source. The Committee insists that hackers from North Korea used phishing attacks and malware to steal cryptocurrencies.
It is important to note that the harsh sanctions of the UN and other international bodies against North Korea literally “push” the country to use cryptocurrencies. In September, the North Korean government announced the development of its own stablecoin with characteristics similar to bitcoin. In the same month, the country denied UN accusations of numerous hacks of financial companies, banks and cryptocurrency exchanges in order to steal cryptocurrencies for weapons development.