Crypto Community Fears North Korean BTC Sell-Off Amid Rumors Of Kim Jong Uns Death

Following rumors that North Korea‘s supreme chief Kim Jong-Un is both in declining well being or lifeless, experiences began current that the nation’s Bitcoin (BTC) militia will probably be offered.

According to a March 2019 report, on the time North Korea already held about $670 million in crypto belongings. This non-trivial measure of cryptocurrency is by many believed to be underneath Jong-Un’s direct management.

Because current experiences recommend that North Korea’s chief’s life is in peril after a unsuccessful coronary heart surgical procedure, many are afraid that the nation’s crypto holdings could also be offered, inflicting the worth to drop.

Jong-Un’s BTC dump: a joke turned rumor

Furthermore, market correspondent at crypto information outlet CoinDesk Zack Voell late posted a joke on Twitter that has seen over a thousand likes, wherein he claimed that Jong-Un’s Bitcoin was sick onto the U.S.-based crypto change Coinbase.

Kim Jong-Un's deleted Bitcoin transfer joke. Source: Twitter

At a later time, he deleted his tweet and defined his causes in one other message:

“I deleted the […] tweet so people stop asking me for a tx hash and because some crypto media outlets are still taking it seriously. The betise in that industry is just incredible.”

As Voell’s tweet steered, a number of cryptocurrency information retailers according on how Jong-Un’s declining well being may land up in Bitcoin’s value, with some taking Voell’s now-deleted tweet critically. At a later time, he tweeted:

“I can’t believe I have to say this, but North Korea will not market dump all of their bitcoins (or monero) if Kim Jong-Un is actually dead.”

North Korea’s relationship with cryptocurrency

North Korea’s ill-famed secrecy means we would not have much confirmed data on the federal government’s use of cryptocurrencies. Still, as Cointelegraph according in mid-March, blockchain forensics agency CipherTrace claimed in a report that two Chinese nationals laundered tens of hundreds of thousands of {dollars} value of purloined cryptocurrency on behalf of the North Korean regime.

In February, a research disclosed that North Korea’s web elevated thrice over the previous three years, because the nation’s regime has continued to depend on cryptocurrencies for many actions.

Crypto Community Fears North Korean BTC Sell-Off Amid Rumors Of Kim Jong Uns Death

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