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  • The crypto community is speculating on the possible death of Kim Jong-un. A change in command could trigger a selloff of assets in Bitcoin, Monero and Litecoin. 
  • However, the South Korean Intelligence reports that the North Korean leader is “alive and well”. 

The possible death of Kim Jong-un has occupied the world’s attention for the past few weeks. The North Korean leader has missed important events for his country, including the celebration of the birthday of his late grandfather and the of the first “supreme leader” of the Asian nation, Kim Il Sung. For this reason, speculation has arisen about his state of health and a possible operation that could have left the North Korean leader in a vegetative state.

But not only the world, but also the crypto-community is occupying the matter. There is a discussion in the crypto community about the impact that a change of leadership in North Korea could have on the market. It has been confirmed that the Asian country has funds in Bitcoin, Litecoin and Monero. Data collected by the United Nations indicates that these funds could reach the amount of $2 billion.

The funds are allegedly used to finance North Korea’s Weapons of Mass Destruction (WMD) program. Most of cryptocurrencies stolen are related to the North Korean Lazarus group. If the country decides to sell a portion of the funds it has in the aforementioned cryptocurrencies, it could cause a drop in prices while it increases sales pressure in the market.

According to Twitter user Russian Market, a selloff is expected if Kim Jong-un’s death is confirmed. Economist Alex Krüger expects a similar effect, but on the Uranium market:

North Korea possesses uranium mines containing 4 million tons of high-grade uranium ore. North Korea news should trigger big selloff in Uranium (if Kim’s death confirmed).

However, South Korean intelligence indicates that Kim Jong-un is “alive and well”. Human rights activist in North Korea, Yeonmi Park, said that Kim has never had any health problems. On the contrary, the reason for his disappearance could be to preserve the health of the North Korean leader. Despite the lack of information that has come out of North Korea, the country could be in a crisis because of the spread of the coronavirus (COVID-19), Park said:

The most cowardly and selfish dictator Kim Jong Un is not dead or even sick according to my source. He is hiding out in a fear of getting a Corona virus. Despite lying to the world that there is a zero case of Corona virus, it has been spreading uncontrollably within North Korea.

The activist added that the North Korean leader is letting his people die to “save only himself”. Park also said Kim will return soon to prove to the world that he is in good health and prove the media wrong.

Kim Jong-un, a Bitcoin whale?

On the other hand, a joke by Zack Voell, got an unexpected response. Voell made a fake “Whale Alert” on April 25, about an alleged transaction between Kim Jong-un’s “BTC wallet” and the exchange Coinbase. The joke went viral on the Chinese social network, Weibo, and in some media outlets. Therefore, the market correspondent had to delete the tweet, Voell said (freely translated):

I deleted the “whale alert” tweet so people stop asking me for a tx hash and because some crypto media outlets are still taking it seriously. The stupidity in this industry is just incredible.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has worked as a columnist covering advances, market fluctuations, forks, and developments in the cryptocurrency space. He believes that cryptocurrencies and blockchain technology will have a profoundly positive impact on people's lives. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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