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The crypto community fears the liquidation of North Korean bitcoin amid rumors of Kim Jong Un’s death

April 27, 2020

Rumor has it that North Korea’s top leader Kim Jong-Un is in declining or dead health, Reports circulated that the country’s Bitcoin Reserves (BTC) are being solds.

To As of March 2019, North Korea already had approximately $ 670 million in crypto assets. Many believe that this non-trivial amount of cryptocurrencies is under the direct control of Jong-Un.

Because recent reports indicate that the life of the North Korean leader is in danger after a failed heart operationMany fear that the country’s cryptocurrency holdings could be sold, which could lead to a drop in prices.

The crypto community fears the liquidation of North Korean bitcoin amid rumors of Kim Jong Un’s deathThe crypto community fears the liquidation of North Korean bitcoin amid rumors of Kim Jong Un’s death

However Many experts are now saying that there is no reason to believe that something unusual is happening to Kim Jong-Un.

Jong-Un’s BTC “Dump”: A joke became a rumor

In addition, market correspondent for crypto news company CorinDesk, Zack Voell, recently published a prank on Twitter that has garnered more than a thousand “likes”., in which he claimed that Jong-Un’s Bitcoin had been transferred to the US-based cryptocurrency exchange Coinbase.

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

The deleted joke about Kim Jong-Un’s Bitcoin transfer. Source: Twitter

He later deleted his tweet and explained his reasons in another message::

“I deleted that […] Tweet to make people stop asking me about a hash TX and because some media still takes it seriously. The stupidity in this industry is just incredible. “

As Voell’s tweet suggested, Various media reported how Jong-Un’s deteriorating health could affect Bitcoin’s priceand some took Voell’s tweet seriously, which has now been removed. Later he tweeted::

“I can’t believe I have to say that, but North Korea won’t sell all of its bitcoins (or monero) if Kim Jong-Un is really dead.”

North Korea’s relationship with cryptocurrencies

North Korea’s infamous secret means that we don’t have a lot of verified information about the government’s use of cryptocurrencies. Nevertheless, as Cointelegraph reported in mid-March, the forensic company CipherTrace said in a report that two Chinese citizens washed tens of millions of cryptocurrencies stolen on behalf of the North Korean regime.

In February a A study found that Internet use in North Korea has tripled in the past three years, as the country’s regime still relies on cryptocurrencies for various activities.

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