A report published today by Group-IB and Recorded Future, respectively, reveal that Marine Chain Platform is a scam originating from North Korea – that uses cryptocurrency scams and fake digital coin offerings to raise money for the government.

The report explained about a scam called Marine Chain operated by a network of North Korea enablers in Singapore, and mentioned about other coins, called interstellar, Stellar, HOLD, or HUZU, also possibly tied to North Korea.

According to the report, the HOLD coin has been listed and delisted on a series of crypto exchanges, eventually defrauding investors in a scam staking scheme.

The Marine Chain website was hosted on four different IP addresses during its lifetime. One of these addresses had previously hosted fraudulent trading site Binary Tilt, which was declared fraudulent by Canada and resulted in losses ranging from tens to hundreds of thousands of dollars for dozens of individuals.

The domain registration history for marine-chain ((www.marine-chain.io) shows the IP address was last active Sept. 10, the report said. A search on the internet shows that the website is currently not functional.

The report further said that two men —  Tony Walker and HyoMyong Choi —  were linked to Marine Chain’s LinkedIn page. They both attended the National University of Singapore which it said had “small groups friendly to the Kim regime.”

Recorded Future states that “these connections to Marine Chain Platform mark the first time this vast and illicit network has utilized cryptocurrencies or blockchain technology to raise funds for the Kim regime”.

Report: North Korea Initiated Two Cryptocurrency Scams This Year to Fund Kim Regime

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