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North Korean Leaders Accused Of Sponsoring Coin Scams

The government of North Korea is now being linked to a number of major scams that have hit the market in the recent past. 


 

American Firm Links Two Scams To Korean Authorities

The government of North Korea has been accused of being responsible for two major scams in the cryptocurrency sector. The allegations have contained a report by Recorded Future, a security firm based in the US.

The study revealed that North Korean ruling leaders were behind two altcoin theft and the groups contracted to spearhead the scam. The Interstellar coin is alleged to be the first victim of Korean operatives. The report which was unveiled on Thursday stated that the coin was renamed. The coin is said to have undergone different name changes.

At one point, the coin was rebranded to HOLD coin. The coin has been subject to scrutiny from various exchange platforms across the world. It had been removed before investors lost money in the scheme.

The report also identified Marine Chain coin as another altcoin scam sponsored by North Korean public officials. The coin was highlighted in different Bitcoin forums throughout the year. The coin was meant to tokenize maritime vessels for different users and proprietors. The government of Ontario in Canada was the first to raise concerns about its legality.

A group of users had raised concerns regarding the coin for losing money on its website. A review of the website showed that it was hosted by several IP addresses when it was registered. The report comes after another study revealed that North Korean officials were mining major cryptos.

At the beginning of this year, Recorded Future made public another report explaining the links of North Korean leaders to a major hacker group. The group, Lazarus has been accused of orchestrating major cryptocurrency exchange hacks. The group is accused of hacking Bithumb from South Korea and You bit exchange.

Another report by Cointelegraph indicated that Lazarus made away with $571 million worth of cryptocurrencies. At the same time, Group-IB a cybercrime group revealed that $882 million had been stolen in cryptos hacks within the past few weeks.


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