North Korean Cryptocurrency Scam Efforts – Marine Chain

Experts think that the infamous North Korean hacker group Lazarus accounts for targeted strikes against five cryptocurrency exchanges.

North Korea’s burgeoning cyber military seems to have especially honed its assault abilities to attack cryptocurrency-related organizations. In the face of mounting and crippling international sanctions, Pyongyang’s many hacker groups have adopted cryptocurrency-focused malicious attempts as an effective way of generating income to the reclusive country.

Security specialists at Group-IB consider that the infamous North Korean Hacker group Lazarus accounts for targeting strikes against five cryptocurrency exchanges.

According To security researchers in Recorded Future, even as Pyongyang’s ruling elite have gotten better at operational safety, the impoverished state’s hackers began mounting a technical cryptocurrency scam by producing an entirely functional scam electronic coin named Marine Chain.

“Marine Chain was allegedly an asset-backed cryptocurrency that allowed the tokenization of marine vessels for numerous owners and users,” Recorded Future investigators composed in a report. “The Marine Chain site no longer resolves but has been operated by a firm named Marine Chain Platform.

Apart from a LinkedIn webpage, the firm had a minimum internet presence, no client testimonials, and several employees.”

Marine Chain was linked to several North Korean taxpayers who launched a previous cryptocurrency.  But this cryptocurrency was shut down and the people behind the scam made off with the funds spent by the coin buyers.

Pyongyang’s leadership Elite has turned to illegal cyber activity as a tool to create capital for the impoverished country.