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   173

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.

$400M Worth XRP Tied to Scam Schemes,- Elliptic

Researchers believe illegal transactions account for 0.2% of the total cryptocurrency trading volume
21 November 2019   70

Elliptic analysts monitored XRP cryptocurrency transactions and identified several hundred accounts related to illegal activities. It is reported by The Block.

A significant part of XRP transactions totaling over $ 400 million are connected with financial pyramids and other fraudulent schemes.

In general, illegal transactions account for 0.2% of the total cryptocurrency trading volume.

According to Elliptic co-founder Tom Robinson, XRP is more likely to appear in dubious schemes of fast enrichment, while Bitcoin is preferred to use on darknet marketplace.

I suspect there are a lot of retail holders of XRP, which may be an attractive target for scammers.
 

Tom Robinson
Co-founder, Elliptic

Robinson also added that it took longer to create an XRP transaction monitoring solution than a similar service for bitcoin or ether due to the nature of the asset structure.