North Korea has risen to the third largest Bitcoin holder after $1.5 billion theft from Bybit. The Lazarus Group, a key player in this theft, holds 13,521 BTC. The U.S. and U.K. remain ahead. North Korean cyber activities have been ongoing for over a decade, funding military enhancements.
Recent developments indicate that North Korea (DPRK) has emerged as the third largest holder of Bitcoin globally, following a $1.5 billion theft from the Bybit exchange. This places North Korea behind only the United States and the United Kingdom in terms of Bitcoin holdings, as reported by Arkham Intelligence.
The Lazarus Group, North Korean hackers, reportedly possess 13,521 BTC, valued at $1.14 billion. In comparison, the U.S. holds 198,109 BTC while the U.K. has 61,245 BTC, predominantly acquired through criminal asset seizures by their governments.
In the Bybit breach, a significant portion of the stolen tokens was in Ethereum (ETH), which was later converted into Bitcoin. The Lazarus Group reportedly laundered these funds via the THORChain protocol in March, yielding $5.5 million in fees while initially holding more ETH than prominent figures like Vitalik Buterin.
Following the Bybit heist, the Lazarus Group targeted an OKX service, leading to a temporary halt for updates to rectify discovered vulnerabilities. Previously, this group has orchestrated notable cryptocurrency hacks, including a theft of $1.34 billion last year, accounting for 61% of all cryptocurrencies stolen in 2024.
North Korean cybercriminals have been involved in cryptocurrency thefts for over a decade, utilizing the proceeds to bolster the country’s military capabilities and weaponry.
North Korea has ascended to become the third largest holder of Bitcoin due to significant thefts orchestrated by the Lazarus Group. Their ongoing cybercriminal activities, particularly in cryptocurrency, highlight the utilization of these funds to support the regime’s military strength. The situation underscores the risks associated with cryptocurrency exchanges and the global implications of state-sponsored cybercrime.
Original Source: itc.ua
