North Korean Bitcoin Sell Off Feared By Crypto Community

With the rumors of Kim Jong Un’s demise floating around, the crypto community is now running high on fear as, reports have started circulating that the country’s Bitcoin will soon be sold.

According to Nikkei Asian Review’s article published on the 8th of March, 2019 North Korea already held about $670 million in crypto assets. Many believe this non-trivial amount of cryptocurrency to be under Jong-Un’s direct control.

Due to multiple recent reports that suggest that the North Korean leader’s life may be in danger the crypto community has started worrying that the country’s cryptocurrency assets may be sold, which will end up leading to a massive decrease in pricing.

North Korea’s infamous secrecy means points to a lack of confirmed information on the government’s use of cryptocurrencies. As Cointelegraph reported in the article “How North Korea Laundered $100” in mid-March, blockchain forensics firm CipherTrace claimed in a report that two Chinese nationals laundered tens of millions of dollars worth of stolen cryptocurrency on behalf of the North Korean regime.

In February, a study revealed that North Korea’s internet increased three times over the past three years, as the country’s regime has continued to rely on cryptocurrencies for various activities.