North Korea’s cryptocurrency is most likely bullshit — just like its conference

North Korea is supposedly preparing to develop its own cryptocurrency to dodge the strict international sanctions crippling its economy, VICE News reports.

The project was announced by Alejandro Cao de Benos, the head of “Korean Friendship Association,” a group that seeks to promote international relations with the Democratic People’s Republic of Korea (DPRK).

Cao de Benos told reporters that the token won’t be a digitized version of the North Korean Won, but that they’re still figuring out exactly what will give it value.

He also said it’ll be “more like Bitcoin or other cryptocurrencies,” which makes almost no sense and should be an immediate red flag for anyone paying attention.

Bitcoin is much like a commodity, in that nothing “backs” it  it gives itself value simply by existing. There are also thousands of “other cryptocurrencies,” but only a small fraction are based on an algorithm that incorporates Proof-of-Work (like Bitcoin).

Even more curiously, when VICE News spoke to North Korea’s Embassy to the UN in New York, whoever answered the phone refused to confirm or deny Cao de Benos’ claim.

The North Korean blockchain conference that totally happened

North Korea has (again, supposedly) shown keen interest in blockchain and cryptocurrency (aside from the alleged hacking of cryptocurrency exchanges worldwide that’s amounted to $2 billion in stolen funds.)

The state is said to have run a successful week-long blockchain conference in April and is now reportedly scheduling a second.

Its first event was originally planned for October last year, but Cao de Benos told Hard Fork it had been postponed “because we were unable to attend all requests on time.”

When pressed, Cao de Benos refused to disclose individuals or companies involved due to privacy concerns, but did maintain that one Chris Emms spearheaded international delegation at that particular conference.

Emms is known for his relationship with Skycoin, a shitcoin so terrible that the infamous John McAfee has a tattoo of its logo on his back (more red flags). They later parted ways after McAfee tweeted about fucking whales (no, really).

North Korea’s cryptocurrency is most likely bullshit — just like its conference 1
/s This is a totally legitimate project /s

“Since it’s a new technology in the DPRK, contents were focused in the practical uses of blockchain, tokenization and the future of the technology in East Asia with examples of projects being implemented in neighboring countries,” said Cao de Benos via email at the time.

“We had around 100 attendants. Access to the conference was free. Foreign visitors paid for their travel package themselves: Plane, hotels, meals, transportation, translation, and business rooms,” he added.

Back in April, Hard Fork made several attempts to obtain photographic evidence that proved the DPRK‘s blockchain conference actually happened.

Despite lengthy correspondence with both Cao de Benos and Emms, the only photo provided was the one featured below.

North Korea’s cryptocurrency is most likely bullshit — just like its conference 2
Well, he is wearing a red sweater, I guess. (image supplied by Cao de Benos)

While it is indeed a picture of Emms, there is nothing to suggest that this photo was taken inside North Korea, apart from its filename (pyongyang.jpg).

For now, let’s file these claims under the same category as Maduro’s “Petro” cryptocurrency  most probably bullshit and one giant red herring.

Published September 19, 2019 — 12:56 UTC

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 60,930.00
ethereum
Ethereum (ETH) $ 4,078.42
binance-coin
Binance Coin (BNB) $ 480.93
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.15
solana
Solana (SOL) $ 194.72
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 43.15
dogecoin
Dogecoin (DOGE) $ 0.247675
usd-coin
USD Coin (USDC) $ 0.999473
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 60,930.00
ethereumEthereum (ETH)
$ 4,078.42
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 622.48
litecoinLitecoin (LTC)
$ 194.96
bitcoinBitcoin (BTC)
52.325,16
ethereumEthereum (ETH)
3.502,45
tetherTether (USDT)
0,858775
bitcoin-cashBitcoin Cash (BCH)
534,57
litecoinLitecoin (LTC)
167,43
bitcoinBitcoin (BTC)
44,215.38
ethereumEthereum (ETH)
2,959.61
tetherTether (USDT)
0.725675
bitcoin-cashBitcoin Cash (BCH)
451.72
litecoinLitecoin (LTC)
141.48

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,125 0.12 % 0.30 % 1.11 %
Ethereum4,086.6 0.15 % 2.28 % 5.17 %
Binance Coin482.01 0.12 % 0.33 % 1.25 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.150 0.01 % 0.76 % 3.56 %
Solana194.91 0.64 % 1.26 % 19.59 %
XRP1.090 0.20 % 0.62 % 5.12 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2481 0.23 % 0.31 % 5.55 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 60,930.00
ethereum
Ethereum (ETH) $ 4,078.42
binance-coin
Binance Coin (BNB) $ 480.93
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.15
solana
Solana (SOL) $ 194.72
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 43.15
dogecoin
Dogecoin (DOGE) $ 0.247675
usd-coin
USD Coin (USDC) $ 0.999473