New ‘APT 38’ North Korea Hacker Report: Stolen Crypto Assets Are Funding Nukes via Marine Chain Scam
Report Suggests North Korea’s Hackers Steal Virtual Currencies To Fund Nukes
It seems that North Korea is using its hackers in order to fund the creation of new nukes. According to a recent report released by Wired, North Korea has a group of hackers that attack virtual currency exchanges in order to fund the nuclear weapons program of the country.
North Korea Steals Cryptocurrencies
North Korea is a country that has been funding a nuclear weapons program during the last decades. The country was able to test nuclear rockets at the expense of having one of the closest economies in the world with people dying of hunger.
Several times was reported that North Korea has been targetting cryptocurrency exchanges and other platforms in order to steal funds. Players are also starting to take notice of how these bad actors are threatening the crypto space.
Apparently, North Korea has also enhanced the way in which it steals users around the world. Weird reported that to get funding for its nuclear program, hackers created an ICO called Marine Chain that sells a cryptocurrency called Vessel Tokens.
North Korea has been economically sanctioned by different countries around the world, including the United States. The sanctions aimed at forcing the country to leave its nuclear weapons program behind.
At the end of 2017 and the beginning of 2018, several Initial Coin Offerings (ICOs) were released to the market. These firms gathered funds to start developing their projects. Nonetheless, there were some companies that were just fraudulent schemes and aimed at stealing users’ funds. They created a fake ICO, invited people to place their funds in the company and expect a return in the future. After they received several thousand or millions of dollars, the ICO shut down and did not give the funds back to users.
Marine Chain seems to be working in a similar way. The company never started selling the Vessel token, but it is believed that they have had the technology to do so.
Wired explained about it:
“By throwing their money into a Vessel Token Offering, an alternative cryptocurrency based on the Ethereum (ETH) blockchain, investors would be able to own parts of ships and then trade with other buyers. Its slickly produced two-page business plan was designed to capture the imagination of potential buyers.”
The hacking group from North Korea called APT 38, seems to be a very good one, even when they are less than 20 individuals working on it. Wired explains that these thieves were able to attack different platforms in Asia.
Although money can be moved from one place to another, a source contacted by Wired believes that the funds are being used to fund the nuclear program of this regime, among other things.