North Korea has become the third-largest Bitcoin-holding government after a $1.46 billion theft from Bybit. The Lazarus Group stole nearly 401,000 Ethereum and converted much of it to Bitcoin, raising their total holdings to approximately 13,562 BTC. The U.S. and UK remain the two largest holders. North Korea’s reliance on such stolen assets poses serious global financial risks.
Following a significant theft, North Korea has ascended to third place among global governments in Bitcoin holdings. This change follows the Lazarus Group’s cyber attack on February 21, which resulted in a $1.46 billion theft from Bybit, a major cryptocurrency exchange. They stole nearly 401,000 Ethereum (ETH), subsequently converting a substantial portion into Bitcoin, raising North Korea’s holdings to approximately 13,562 BTC, valued around $1.14 billion.
In contrast, the United States holds the largest amount of Bitcoin, totaling 198,109 BTC worth $16.71 billion, thanks to its recently formed Strategic Bitcoin Reserve (SBR). The United Kingdom ranks second with 61,245 BTC, valued at around $5.17 billion. Following the Bybit hack, North Korea surpassed the Bitcoin holdings of Bhutan and El Salvador.
North Korea’s accumulation of cryptocurrency reserves occurred just before President Trump signed an executive order establishing the SBR on March 6. Despite the U.S. and international efforts to track and freeze these stolen assets, it is reported that hackers have laundered approximately $300 million from the Bybit theft already.
Tom Robinson, co-founder of the blockchain analytics firm Elliptic, noted the urgency with which hackers operate, emphasizing their sophistication in obscuring money trails. This laundering process enables North Korea to finance its nuclear and military programs through illicit means.
The U.S. and allied nations have long accused North Korea of engaging in various cryptocurrency hacks. Over the past five years, the Lazarus Group has shifted its focus from banking institutions to cryptocurrency exchanges, raising concerns about its tactics and the implications for global financial security.
North Korea’s rise to being the third-largest holder of Bitcoin highlights the serious implications of cybercrime in the cryptocurrency landscape. Following a major hack of Bybit by the Lazarus Group, North Korea’s digital assets have surged, posing challenges for international efforts to mitigate the repercussions of such thefts. The ongoing evolution of theft methods by North Korean hackers indicates a persistent threat to the global financial system, necessitating continued vigilance and countermeasures.
Original Source: theins.ru
