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   404

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.

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   841

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.