Against the background of the latest rumors about the possible death of the leader of North Korea, the participants of the crypto community recalled that the DPRK owns cryptocurrency reserves worth about $670 million.
As is commonly believed in the crypto community, the reserves of bitcoin and other cryptocurrencies in North Korea amount to about $670 million, and possibly more. Now, representatives of the crypto space involuntarily thought about the further fate of these assets. The reason for this was the rumors about the death of DPRK leader Kim Jong-un that was actively exaggerated in the world media.
According to this Bitcoin Era review, the technology that most crypto companies use is always very similar, especially when it comes down to incorporating AI into these frameworks. Should the cybercrime stop from the DPRK is Kim Jong Un’s death is confirmed, many crypto companies are expecting a large burden of accusations to be removed from their names.
We can remember that the first fears on this topic began to appear after April 15, when the Korean leader missed the most important state holiday – Day of the Sun celebrated in honor of the birthday of Kim Il Sung, the “eternal President of the Republic” and grandfather of Kim Jong-un. Subsequently, rumors only multiplied, and, according to the latest conspiracy theories, the head of the DPRK died or was in a coma as a result of an unsuccessful heart operation.
DPRK and cryptocurrencies
If these rumors still turn out to be true, serious geopolitical upheavals may await North Korea. Due to the country’s loss of current stability, the queue may reach the cryptocurrency reserves of the DPRK. First of all, the crypto community fears potential aggressive sales by Korea of these assets.
The history of the relationship between Pyongyang and digital assets has always attracted public attention because of the DPRK’s love of cybercrime. The United States has long accused Pyongyang of creating special hacker groups to attract funding to the country, bypassing international sanctions.
In December last year, the FBI announced the arrest of one of the Ethereum developers, Virgil Griffith, who allegedly conducted an educational program in the DPRK to help Korean authorities better use blockchain technology to circumvent sanctions.
According to UN Security Council estimates, as of August 2019, the number of cryptocurrency funds stolen by North Korea since 2015 amounted to about $2 billion. It is difficult to say what reserves the country owns now, but a number of experts believe that Pyongyang may be one of the cryptocurrency whales. If all these assets are set in motion (of course, in the case of the confirmation of the death of Kim Jong-un), the consequences may be felt by the entire crypto community, such commentators fear.
Why is that?
However, many refuse to consider this idea seriously. Most of the answers to this alarmed Twitter post came down to the fact that such a scenario of aggressive cryptocurrency sales by Pyongyang is absurd and will never be realized.
So, the popular crypto community trader Alex Krüger replied that the DPRK also owns a large stock of uranium mines. Does this mean that the death of Kim Jong-un will also provoke uranium sales, he asks a counter-question. Other pranksters joined him, also predicting sales of fish and even beautiful women.
However, in fairness, it should be noted that comparing bitcoin with uranium ore is incorrect, since the first is a digital one, and the second is a physical asset that needs transportation.
Be that as it may, it is unlikely that the DPRK, even in the case of a change of leader, will suddenly decide on such a radical step as getting rid of all its cryptocurrency reserves – unless it is brought to a state of extreme despair and will be in dire need of cash. And, finally, most likely, all these arguments are purely hypothetical, and leader Kim Jong-un is still alive today of all living things.
Cardano’s bullish case strengthens as IOHK and UN team up
IOHK and the United Nations have offered a $10,000 bounty for developers to use Cardano’s blockchain.
While major altcoins look to bounce off last week’s sell-off, Cardano’s strong performance over the past three days continues this Monday.
The ADA token has jumped 10.64% in the past 24 hours to see the crypto asset’s price hit $0.105. The 9th ranked cryptocurrency is the top-performing coin among the top 10, ahead of Bitcoin SV, ChainLink, and Bitcoin Cash.
Meanwhile, the rest of the market is looking to consolidate fresh gains after a largely green weekend extended during the Asian trading session.
Bitcoin has gained 2% to hit highs of $10,920 before retreating to around $10,850 as of writing. Ethereum, which has struggled below $400 for over three weeks, has gained around 1.46% to trade at $358. XRP/USD remains mostly unchanged on the 24-hour log as bulls try to keep bears at bay around $0.24.
Cardano flips bullish
ADA/USD sank to lows of $0.075 on September 23 to see bears threaten to push prices lower and drop Cardano out of the top 10 cryptocurrencies by market cap. The past five days have however included 4 green daily candles, with higher highs and higher lows seeing bulls break above $0.10 for the first time in a week.
Yesterday, ADA/USD gained by more than 5% to register a daily close at $0.102 before rallying in the Asian trading session to reach an intraday high of $0.106.
Cardano may thus have plenty of upside room if bulls sustain pressure above prevailing levels amid a confluence of bullish technical and fundamental indicators.
For the latter, the network’s move to a new epoch in the next five days will see decentralization introduced via the Shelley upgrade move to 38%.
Recently, IOHK also announced a partnership with the United Nations that aims to promote the use of blockchain to help achieve the UN’s sustainable development goals (SDG) on poverty, inequality, and the environment among others.
The partnership includes a $10,000 bounty set aside for developers who will use Cardano blockchain infrastructure to create open-source and scalable projects geared towards the above goals.
Cardano is looking to break above an ascending channel on the 4-hour chart, with a nice head and shoulder trend formation on the cards. The cryptocurrency is also looking strong on the daily chart where the 50 SMA and 100 SMA provide the next target at $0.109 and $0.113 respectively.
If the expected breakout happens, action will likely push ADA/USD to $0.12, with an extended bullish scenario bringing $0.15 into play. On the flip side, the 20SMA and 50 SMA provide support at $0.09 and $0.08 on the 4-hour chart.
COVID-19 spill: Ebang revenue dropped by 50% in H1 2020
Ebang, one of Chinese Bitcoin mining machine manufacturers, has posted a sharp drop in revenue generated in the first half of the year compared to the previous year. Giving reasons for the slump in Ebang revenue, the chairman blamed the recent outbreak of coronavirus as the major cause. Meanwhile, the company has launched a subsidiary […]
Ebang, one of Chinese Bitcoin mining machine manufacturers, has posted a sharp drop in revenue generated in the first half of the year compared to the previous year. Giving reasons for the slump in Ebang revenue, the chairman blamed the recent outbreak of coronavirus as the major cause. Meanwhile, the company has launched a subsidiary in Canada today.
Ebang revenue shades 50 percent from the previous record
Following the company’s latest filing with the United States Security and Exchange Commission (SEC), the Ebang revenue in the first six months of the year totaled $11.04 million. When compared to the revenue generated in H1 2019 (at $22.35 million), the recent amount represents a 50.6 percent decrease year-over-year (YoY).
The company also posted a poor sale of computing power within the same period. Precisely, only 0.25 million Thash/s was sold in the first six months of the year. However, the company sold as high as 1.82 million Thash/s last year, representing an 86.02 percent drop YoY, according to the SEC filing.
Ebang chairman blames COVID-19
While commenting on the sharp drop of Ebang revenue, the chairman and CEO of the company, Dong Hu, related the development to the coronavirus outbreak. Hu mentioned that the business operations were affected due to COVID-19 measures. Also, the company’s chip suppliers reduced their production capacity, which consequently led to a shortage of raw materials.
The outbreak of the COVID-19 has significantly affected business and manufacturing activities worldwide,” Hu commented. “Measures to contain COVID-19, such as travel restrictions, mandatory quarantines, and suspension of business activities, have caused severe disruptions and uncertainties to our business operations and adversely affected our results of operations and financial condition.
At the same, the company had seen its net loss reduced to $7.3 million in H1 2020, compared to the $17.6 million recorded last year. In a separate report, the company revealed the launching of its wholly-owned subsidiary in Canada to improve its industrial chain layout.
CFTC charges company over offering illegal leveraged transactions in ETH, LTC, BTC
U.S Commodity Futures Trading Commission (CFTC) has charged Laino Group Limited’s PaxForex, a company based in St. Vincent and the Grenadines, for engaging in illegal retail commodity transactions in crypto, gold and silver and for failing to register with the CFTC as a futures commission merchant (FCM) according to a release published today.
CFTC claimed that for over two years, PaxForex had offered unlawful retail commodity transactions in not only leading cryptocurrencies like ether, litecoin, bitcoin, but gold, and silver as well.
The release further stated law enforcements have charged PaxForex for extending credit or accepting money, securities, and property in the form of bitcoin and other assets in exchange for margin trades or contracts- all of which require the company to register with the CFTC as an FCM. However, the CFTC alleged that PaxForex did not acquire this license and has violated the Commodity Exchange Act.
CFTC planned to return the alleged company’s ill-gotten gains to those affected and also applied other penalties such as a permanent registration and trading bans, among others. Division of Enforcement Director, James McDonald said in a statement:
This action shows the CFTC’s continued commitment to ensuring that entities offering leveraged, retail transactions within our jurisdiction—including those involving digital assets—register with the CFTC.
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