North Korea ranks third in the world for Bitcoin holdings, behind the US and UK, primarily through hacking activities conducted by the Lazarus Group, which holds 13,580 Bitcoins valued at £886 million. This cybercriminal organization funds the North Korean regime’s military initiatives and has been linked to significant cryptocurrency thefts that comprise a notable portion of global cybercrime.
North Korea has emerged as a significant player in the cryptocurrency realm, ranking third in global Bitcoin holdings, following the United States and the United Kingdom. Notably, North Korea’s notorious cyber group, Lazarus, reportedly holds approximately 13,580 Bitcoins, valued at around £886 million, obtained through a substantial theft last month.
According to Arkham Intelligence, which specializes in tracking cryptocurrency ownership, North Korea’s Bitcoin assets are valued at £3.9 billion, significantly behind the UK at £3.9 billion and the US with an estimated £12.7 billion. The assets in the latter two countries are largely acquired through the forfeiture of funds linked to criminal activities.
The Lazarus Group, recognized for its advanced cybercriminal activities, plays a critical role in financing the North Korean regime, particularly its military and weapons development. Reports indicate that this group has amassed over £1.2 billion in stolen Ethereum since a recent cyberattack on the Bybit exchange. Notably, North Korea allocated £1.1 billion to defense in 2023, underscoring the financial impact of such cyber operations.
In the previous year, North Korean hackers are believed to have pilfered roughly £616 million in various cryptocurrencies, constituting 35% of the total £1.7 billion stolen worldwide through similar illicit activities in 2024. A UN experts panel has noted that a considerable portion of North Korea’s nuclear and ballistic missile programs is funded through these illegal cyber operations, estimating that up to 40% of the relevant financing is derived from such means.
As of March 19, Bitcoin’s market value hovers above $83,500. The cryptocurrency reached its peak high of $109,241 on January 20, 2025, coinciding with the inauguration of US President Donald Trump, though it has since experienced a decline of 25% from that peak by the end of February.
In summary, North Korea’s rise to third place in Bitcoin holdings highlights the involvement of cybercrime in bolstering its economy and military funding. The Lazarus Group’s successful thefts significantly contribute to this wealth, demonstrating the serious implications of cryptocurrency misuse for national security. The continuing rise and fall of Bitcoin further underscore the volatile nature of cryptocurrency markets.
Original Source: newsukraine.rbc.ua
