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

The stolen cryptocurrency was exchanged for cash after passing through at least 5,000 individual transactions in several countries
07 November 2019   175

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.

French Gendarmerie to Use Tezos Blockhain

Gendarmerie Cybercrime Division (C3N) is "validating judicial expenses" with Tezos blockchain
21 November 2019   57

The French Gendarmerie Cybercrime Division (C3N) uses the Tezos blockchain. The agency launched its first smart contract in September.

According to a press release, C3N uses blockchain to control the costs incurred during investigations.

Debuting on the Tezos network, this is one of the first examples of a government entity using a smart contract for operational purposes. The new program allows C3N to acquire cryptocurrency from Europol-allocated funds in order to cover operational costs.

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The new program also allows C3N to purchase cryptocurrency with funds allocated by Europol to cover operating expenses.

The statement noted that the smart contract was specifically designed so that C3N confirms costs without the risk of disclosing operational activities and problems for ongoing investigations.