Ethereum Blockchain-based Tokenized Visas to North Korea Now Being Offered on Black Market
Surprisingly, North Korea does have political dissidents and they are called the Cheollima Civil Defense (“Cheollima”). While the underlying reasoning behind the visas and whether the group has the authority to issue them is unknown, they may be doing so to raise funds or to push for an alternative store of value.
In an article by the Next Web, which originally addressed the issue, identified that the group is issuing the visas to raise funds in order to overthrown Kim Jung-un. Right now, they have around 200,000 tokenized visas, also called G-Visas, for sale on the Ethereum Blockchain.
The visas have gone on sale this morning and the group may have had so much heavy traffic during the sale period that it had to postpone some of the time. According to the group,
“We are experiencing unforeseen heavy traffic on servers hosting the G-Visas registration and will delay by 12 hours to 9:00 AM KST, 8:00 PM EST in order to give the staff time to deploy additional infrastructure. We apologize for the inconvenience.”
When Hard Fork last took a look at the number of tokenized visas that had been issued, it found 64 across 48 addresses – certainly an impressive number. Buyers seem to be directed to enter their Ethereum private key into the form site to participate in the purchase.
The visas are quite costly as well. A “number three” G-Visa costs 300 ETH ($40,000), while the “number nine” G-Visa is 2 ETH ($270). There is no indication as to what the difference is between the two visas.
A number of holders of the visas have also established their own auctions. There are currently 67 auctions underway. Cheollima stated,
“G-Visas are not a speculative token. If you are not concerned with having a lower numbered G-Visa please delay acquiring one until tomorrow. Being among the very first 200,000 visitors to our liberated nation is already historic. These first few will have permanent proof of their initial faith and support of our revolution.”