North Korea ranks third in Bitcoin holdings, possessing 13,580 Bitcoins valued at £886 million via cybercrime. The Lazarus Group is crucial for financing the regime’s military efforts. Reports indicate that North Korean hackers stole £616 million in 2023, constituting a significant portion of global crypto thefts.
North Korea has emerged as the third largest holder of Bitcoin globally, following the United States and the United Kingdom. A recent report by The Times highlights that North Korea’s Lazarus Group possesses approximately 13,580 Bitcoins, valued at £886 million, following a significant theft last month.
According to Arkham Intelligence, which employs AI for identifying cryptocurrency ownership, North Korea’s Bitcoin holdings are valued at £3.9 billion, ranking just behind the UK’s holdings of £3.9 billion and the US’s of at least £12.7 billion. The assets amassed by these nations largely stem from the confiscation of funds linked to criminal activities.
The Lazarus Group, notorious in cybercrime, serves as a vital revenue source for the North Korean regime, facilitating military funding and weapons production under Kim Jong-un. The FBI has reportedly linked the group to a theft of over £1.2 billion in Ethereum from the Bybit cryptocurrency exchange last month.
In 2023, defense expenditures by North Korea reached £1.1 billion. Reports indicate that the nation lost around £616 million to cyber theft last year alone, with North Korean government-backed criminal groups accounting for 35% of the £1.7 billion in stolen cryptocurrencies globally in 2024.
A UN expert panel noted last year that North Korea may finance up to 40% of its nuclear and ballistic missile programs through illicit cyber activities. As of March 19, Bitcoin’s trading price stands at over $83,500, with a historical peak of $109,241 noted on January 20, 2025, coinciding with Donald Trump’s inauguration.
In summary, North Korea’s rise to the third position in Bitcoin holdings underscores the role of cybercrime in global financing. The Lazarus Group’s activities highlight the intersection of digital currency theft and funding for military initiatives. As the country navigates its reliance on cryptocurrency, the implications for international security remain significant.
Original Source: newsukraine.rbc.ua
