North Korea has become the fifth-largest holder of Bitcoin due to Lazarus stealing over $1.4 billion from Bybit. The country now possesses 13,518 BTC, surpassing Bhutan’s and El Salvador’s holdings. This wealth stems from multiple cyber-attacks. Lazarus’s hacking activities threaten global security as they finance North Korea’s nuclear missile program.
North Korea has moved up to become the fifth-largest sovereign holder of Bitcoin, following a significant cyber theft involving over $1.4 billion from Bybit by the Lazarus group. This theft has allowed North Korea’s Bitcoin holdings, managed by Lazarus, to surpass those of Bhutan and El Salvador, reaching approximately 13,518 BTC valued at around $1.1 billion according to Arkham data.
Lazarus has historically amassed wealth through several cyberattacks and cryptocurrency exploits. Notably, it executed a breach on the Japanese exchange DMM Bitcoin in 2024, stealing $308 million, and compromised the Ronin Network in 2022, where over $600 million in cryptocurrencies were taken. Currently, North Korea’s Bitcoin reserves exceed Bhutan’s 10,635 BTC, accumulated through mining, and El Salvador’s 6,118 BTC, the latter being the first nation to embrace Bitcoin as legal tender.
In comparison to North Korea, sovereign Bitcoin holdings of other nations remain substantial. The United States leads with 198,109 BTC, followed by China with 194,000 BTC, the United Kingdom with 61,000 BTC, and Ukraine with 46,351 BTC. The escalation of North Korea’s Bitcoin assets coincided with Lazarus’ hacking of Bybit in February, where the exchange reported a loss of over 400,000 Ether (ETH) from its cold wallet.
Lazarus utilized decentralized finance platforms, notably THORChain, to convert significant amounts of stolen ETH into BTC, drawing criticism for inadequate security measures. As reported by CNN and cited by a White House official, proceeds from Lazarus and other illicit ventures partly fund North Korea’s nuclear missile development, covering nearly half of its program’s costs.
The surge in North Korea’s Bitcoin holdings illustrates the growing impact of cybercrime on cryptocurrency markets. By surpassing nations like Bhutan and El Salvador, the Lazarus group’s activities highlight both the potential for illicit wealth accumulation through digital currencies and the ongoing challenges faced by regulatory bodies in securing these assets. This situation poses serious implications for global security, especially regarding North Korea’s nuclear ambitions, funded significantly through such illegal activities.
Original Source: crypto.news
