North Korea has become the fifth-largest sovereign Bitcoin holder with 13,518 BTC following a $1.4 billion theft by the Lazarus Group from Bybit. This surpasses Bhutan and El Salvador, raising concerns about the implications of illicit cryptocurrency activities on global security and state-sponsored programs.
The Democratic People’s Republic of Korea (DPRK) has risen to become the fifth-largest sovereign holder of Bitcoin globally, following a significant theft by the Lazarus Group, which accrued over $1.4 billion from Bybit. Control over 13,518 Bitcoin, currently valued at around $1.1 billion, enables North Korea to surpass other nations, including Bhutan and El Salvador.
The Lazarus Group, known for its cybercriminal activities, has built its Bitcoin reserves through a series of successful cyberattacks and cryptocurrency exploits. Notable incidents include the DMM Bitcoin hack in 2024, yielding $308 million, and the Ronin Network breach in 2022, which accounted for over $600 million in stolen assets.
North Korea’s Bitcoin holdings now exceed those of Bhutan, which possesses 10,635 Bitcoin amassed through mining, and El Salvador, which holds 6,118 Bitcoin, having been the first nation to recognize Bitcoin as legal tender. Larger sovereign Bitcoin holdings include 198,109 Bitcoin owned by U.S. authorities, 194,000 by China, 61,000 by the United Kingdom, and 46,351 by Ukraine.
The surge in North Korea’s Bitcoin wealth follows Lazarus’ attack on Bybit in February, where over 400,000 Ether were reported stolen from a multi-signature cold wallet. Lazarus has also utilized decentralized finance platforms, such as THORChain, to exchange a portion of the stolen Ether for Bitcoin, raising concerns about security protocols in the crypto space.
As reported by CNN, illicit gains from Lazarus and related DPRK funding sources are believed to finance approximately 50% of North Korea’s nuclear missile program, highlighting the serious implications of these activities on global security.
In summary, North Korea’s ascent to the status of the fifth largest Bitcoin holder highlights significant concerns regarding cybersecurity and the funding of illicit activities. By surpassing countries like Bhutan and El Salvador, North Korea’s position illustrates the dangerous intersection of cryptocurrency and geopolitical tensions. The theft from Bybit not only bolstered their holdings but also raised alarms about the use of cryptocurrency in funding state-sponsored programs.
Original Source: crypto.news
