North Korea has become the third-largest government holder of Bitcoin after a $1.46 billion theft by the Lazarus Group, increasing its total holdings to 13,562 BTC. The United States and United Kingdom remain the largest holders, while the heist highlights ongoing challenges in preventing such cybercrimes and the implications for global security.
North Korea has ascended to the position of the third-largest government holder of Bitcoin following a significant cryptocurrency theft amounting to $1.46 billion. On February 21, hackers from the Lazarus Group, connected to the North Korean regime, stole approximately 401,000 ETH from Bybit, a prominent cryptocurrency exchange. Subsequently, a considerable portion of the stolen assets was converted into Bitcoin, increasing North Korea’s holdings to 13,562 BTC, valued around $1.14 billion.
The United States retains the title of the largest governmental holder of Bitcoin, with 198,109 BTC valued at $16.71 billion, followed by the United Kingdom holding 61,245 BTC, approximately $5.17 billion. North Korea’s gains surpassed those of Bhutan and El Salvador, which hold 10,635 BTC and 6,117 BTC, respectively. This surge in cryptocurrency reserves occurred just prior to the establishment of the Strategic Bitcoin Reserve (SBR) by U.S. President Donald Trump on March 6.
Despite ongoing international initiatives to track and freeze the stolen cryptocurrency, North Korean hackers have successfully laundered approximately $300 million from the Bybit incident. Tom Robinson, co-founder of blockchain analytics firm Elliptic, noted, “Every minute matters for the hackers who are trying to confuse the money trail, and they are extremely sophisticated in what they’re doing.” Experts express concern that the laundered funds are potentially financing North Korea’s nuclear and military agendas.
The U.S. and its allies have persistently accused North Korea of executing numerous cryptocurrency hacks over the last decade as a means to alleviate the impact of global sanctions. Originally concentrating on bank targets, the Lazarus Group has redirected its efforts predominantly towards cryptocurrency exchanges in recent years. Analysts caution that the group’s evolving strategies and the increasing magnitude of its cybercrimes present an escalating threat to the global financial landscape.
The article illustrates North Korea’s rise as a formidable player in cryptocurrency, particularly in Bitcoin holdings following a major theft. This event accentuates the challenges faced by global authorities in mitigating cryptocurrency-related crimes. Additionally, it highlights the strategic significance that stolen digital assets have for North Korea as a means to counteract international sanctions and fund its military endeavors.
Original Source: theins.ru
