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UN Committee Accuses North Korea of Money Laundering
November 06  |  2 min read

North Korea Allegedly Laundering Stolen Cryptocurrency via Hong Kong Blockchain Firm

The COIN360 Editorial Team

North Korea has been accused of using a blockchain firm from Hong Kong for money laundering, reported on Wednesday by South Korean news outlet Chosun, with reference to the quarterly report from the UN Security Council’s Sanctions Committee on North Korea.

Since April, Hong Kong-based shipping and logistics firm Marine China, which is owned by Julian Kim under the alias Tony Walker, has reportedly been used to launder stolen cryptocurrencies and circumnavigate international sanctions.

In general, the report states that the stolen cryptocurrency was washed with at least 5,000 separate transactions through several countries. Per the report, Kim has attempted to withdraw cash from banks in Singapore.

According to the UN Committee report, North Korean hackers have targeted 17 countries with “spear phishing” over the last three years, which has brought a total of $2 billion in damages. Among these attacks there was a bank in Bangladesh hacked in 2016.

As COIN360 reported earlier, a North Korean government representative has revealed that the country is developing a proprietary digital currency with the goal of circumnavigating economic sanctions and taking a stand against the “USD-dominated global financial system.”