North Korea has emerged as the fifth-largest sovereign Bitcoin holder following Lazarus’s theft of $1.4 billion from Bybit. With 13,518 BTC currently held, North Korea overtakes Bhutan and El Salvador in Bitcoin supremacy. The Lazarus group has poured illicit profits into funding North Korea’s nuclear program, raising concerns about cyber crime’s impact on global security.
North Korea has recently ascended to be the fifth-largest sovereign holder of Bitcoin, following the Lazarus group’s theft of over $1.4 billion from the crypto exchange, Bybit. This development has resulted in North Korea surpassing both Bhutan and El Salvador in Bitcoin holdings, with Lazarus now controlling approximately 13,518 BTC, valued at around $1.1 billion.
The Lazarus group has accumulated this substantial wealth through a series of cyber attacks and cryptocurrency exploits over several years. Notable incidents include the DMM Bitcoin exploit in 2024, where $308 million was stolen, and the Ronin Network breach in 2022, which resulted in over $600 million in crypto theft.
At present, North Korea’s Bitcoin holdings exceed that of Bhutan, which has amassed 10,635 BTC through extensive mining operations, and El Salvador, which holds 6,118 BTC as the first nation to accept Bitcoin as legal tender. The only countries known to exceed North Korea’s Bitcoin reserves are the United States, China, the United Kingdom, and Ukraine.
This dramatic increase in North Korea’s cryptocurrency assets follows a significant attack on Bybit in February, where the exchange reported the theft of over 400,000 Ether from its secure multi-signature cold wallet. The Lazarus group employed decentralized finance protocols, such as THORChain, to convert stolen Ether into Bitcoin, thereby enhancing its holdings.
Furthermore, according to CNN and a White House official, the proceeds obtained from Lazarus’s activities, alongside the illicit earnings from other DPRK-funded syndicates, are estimated to finance nearly 50% of North Korea’s nuclear missile program, raising concerns about the implications of such cybercrimes for global security.
In summary, North Korea’s significant increase in Bitcoin holdings, now amounting to 13,518 BTC, positions it as the fifth-largest sovereign holder globally. This rise is primarily attributed to the Lazarus group, whose cyber activities contribute to a substantial portion of North Korea’s financial resources. With Bitcoin holdings surpassing those of Bhutan and El Salvador, the implications for international security and cryptocurrency regulation are profound as illicit activities continue to fuel state-sponsored initiatives.
Original Source: crypto.news
