United Nations Security Council's Sanctions Committee has accused the North Korean dictatorship of using a blockchain company based out of Hong Kong as a money laundering front, Cointelegraph reports on November 7th.
The Committee claims that “Marine China”, a blockchain company focused on shipping and logistics, has been founded as a money laundering front by one Julian Kim, also going by Tony Walker. They suspect the company is part of the chain laundering money stolen in cryptocurrency and other forms by government sanctioned hackers, with the damages being assessed at more than USD2bn.
Cyber crimes relating to cryptocurrencies have long been a thorn in the eye of several governments. Due to their nature, they are notoriously difficult to track or resolve even without front companies. If one was set up while pretending to operate in international trade or shipping, it would make the tracking even more difficult. However, there haven't been any hard evidence provided so far that would tie in North Korean government to the hackers behind the attacks and many critics have called out making a scapegoat out of N. Korea.