North Korean Regime Linked To Crypto Scams Interstellar Coin And Marine Chain Token
A report titled “Shifting Patterns in Internet Use Reveal Adaptable and Innovative North Korean Ruling Elite,” published by cyber threat intelligence provider Recorded Future shows that the North Korean government has sponsored at least two crypto scams.
The first scam coin supported by North Korea is called Interstellar coin which was established by Insikt Group in June 2018. The coin has been rebranded a number of times, going by various names such as HOLD, HUZU, or Stellar(not to be confused by XLM.) The report shows that HOLD coin has been listed and delisted on numerous crypto exchanges, eventually defrauding investors in a scam staking scheme.
Marine Chain Coin
The second scam named Marine Chain coin was exposed in a couple of Bitcoin forums in August 2018. The coin, which apparently allowed the tokenization of maritime vessels for multiple users and owners, was claimed to be fraudulent by the state of Ontario. Numerous customers grieved about the loss of tens of thousands of dollars and scams on the website, which was hosted at four different IP addresses since its registration. Some users showed that the website marine-chain.io was a near mirror image of another site shipowner.io.
The report also remarked that the Kim administration had exhibited a prototype for using and abusing the internet that is unique, and the leadership is fast to embrace new services or technologies when useful and hurled them aside when not useful anymore.
“We explore the persistence of trends in internet security, social media use, and cryptocurrency, and reveal greater insight into the way North Korea uses the internet to generate revenue for the Kim regime.”
Notably. Earlier this year, Recorded Future revealed a related research investigating the potential links of major crypto exchange hacks with North Korea endorsed cybercrime group Lazarus. They demonstrated the apparent engagement of the group in the hack of South Korea’s Bithumb crypto exchange, following previous allegations of hacking Youbit exchange.