It was touted as a blockchain-powered maritime investment project, but it has turned out to be yet another ingenious method of raising funds by the North Korean government. Known as Marine Chain, the startup claimed it would tokenize maritime vessels for their owners, but it has done anything but. According to a report by AI-powered cybersecurity firm Recorded Future, several key figures involved in the startup have extensive connections with the North Koran government. The mentioned key figures have also been involved in assisting the Kim Jong-un-led government to circumvent international sanctions using an array of technological means.
Marine Chain is not the first crypto startup that has raised money and then defrauded the investors. However, it sets itself apart in being the first startup to be allegedly used by the North Korean government to raise money.