VERTIC examined Marine Chain, a Hong Kong-registered blockchain maritime investment platform flagged by the UN Panel of Experts as having at least one DPRK individual behind it. Marine Chain claimed to tokenize fractional ownership of ships on an Ethereum-based platform, raising concerns that it could generate revenue for North Korea and obscure vessel ownership to evade shipping sanctions. The UN Panel investigated Singaporean Capt. Jonathan Foong Kah Keon over suspected prohibited cooperation with the DPRK, and Foong reportedly provided contradictory information while saying the business had closed. The case illustrates how DPRK-linked actors explored cryptocurrency, blockchain marketplaces, and maritime structures as sanctions-evasion mechanisms.