North Korea Commits Crypto Scams To Fund Regime

Oct 27, 2018 at 13:00 Update Date :Oct 27, 2018 at 13:00 UTC

Recorded Future, a global cybersecurity enterprise has recently published an excerpt saying that along with just mining coins like bitcoin and Monero, North Korea is also involved in crypto scams that have deceived investors all over the world.

It was reported in September that according to financial experts namely, Lourdes Miranda and Ross Delston, North Korea has been earning revenue by conning investors through crypto mining and coin scams. It was further reported that a North Korean group of hackers, called ‘Lazarus’ has committed thievery by stealing an amount of more than $571 Million in cryptocurrency. Two coins, namely HOLD coin and marine chain have been launched as a part of the North Korean scam project. Kim-regime, a three-generation family of North Korea had developed a model to make wrong use of the internet. The family comes from the first leader of the country, Kim II-Sung.

Recorded Future has been constantly aiming to create more awareness about investing scams since the beginning of 2018 till date.

HOLD coin which was before known as interstellar, HUZU and stellar fraudulently collected money from its investors claiming and ensuring its investors with a good return in future. The coin was listed and delisted a couple of times on various exchange boards before completely disappearing. The coin made a sudden disappearance with all the funds of its investors.

Whereas, Marine Chain is a scam which runs with the agreement of the North Korean government to avoid the economic sanctions of the UN, ultimately leading to paralysing the norms. It runs with the tokenisation of maritime vessels and owners. The website of this coin had been registered on four different IP addresses. One of the four IP addresses has been reported to previously launched a fraudulent website which was reported and it led to huge losses amongst various individuals.

The main people involved in the fraudulent activities of Marine Chain were the CEO of the company Captain Jonathan Foong Kah Keong and an advisor, HyoMong Choi. The entire fraudulent was committed by Foong, he has various contacts in Singapore that help North Korea to avoid the UN sanctions.

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