North Korea has been using blockchain technology to launder money, reports the Chosun Ilbo citing an investigation by the UN Security Council's Sanctions Committee on North Korea.
According to the investigation, North Korea used a blockchain-focused shipping and logistics firm Marine China in Hong Kong to evade sanctions.
The only investor of Marine China Julian Kim, who is also under the alias Tony Walker, was reportedly the only owner of Marine China. He had also tried to withdraw funds from banks in Singapore several times, the report states.
The report also states that North Korea last year exchanged into cash at least over 5,000 separate transactions through several countries making it "difficult to track."
Previously iHodl reported that North Korea is developing its own crypto in order to avoid international sanctions imposed by the US.
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