North Korea has become the third largest holder of Bitcoin, amassing 13,521 BTC valued at $1.14 billion after the Bybit exchange hack. Arkham Intelligence reports that the Lazarus Group is responsible for this rise, following a history of significant cryptocurrency thefts intended to fund the DPRK’s military efforts.
North Korea has elevated its status as the third largest holder of Bitcoin, amassing 13,521 BTC valued at approximately $1.14 billion, primarily due to the $1.5 billion theft from the Bybit exchange. This positions the Democratic People’s Republic of Korea (DPRK) behind only the United States and the United Kingdom in terms of Bitcoin holdings.
According to Arkham Intelligence, a firm specializing in tracing cryptocurrency ownership, the Lazarus Group, known for its cybercrimes, has been pivotal in achieving this hefty cryptocurrency accumulation. The U.S. currently holds 198,109 BTC, while the UK maintains 61,245 BTC, largely from confiscated funds linked to criminal activities.
The stolen assets from Bybit predominantly consisted of Ethereum (ETH), which were subsequently converted to Bitcoin. The laundering process largely occurred through the THORChain protocol, generating commissions of about $5.5 million. Prior to conversion, the Lazarus Group possessed more ETH than prominent figures in the cryptocurrency space.
Following the Bybit incident, the Lazarus Group targeted a service of the OKX exchange, prompting a temporary suspension of the DEX aggregator for essential updates to address security flaws. The group has a notorious history, having orchestrated significant cryptocurrency thefts, including a $1.34 billion heist last year, constituting 61% of all cryptocurrencies stolen in 2024.
North Korean cybercriminals have been actively involved in cryptocurrency-related theft for over a decade, with the proceeds purportedly aimed at bolstering the DPRK’s military and weaponry capabilities.
In summary, North Korea’s rise to third place in Bitcoin holdings highlights the evolving landscape of cryptocurrency theft, particularly through the actions of the Lazarus Group. With substantial amounts accumulated via high-profile hacks, this development underscores the implications of cybercrime on national security and the cryptocurrency market overall.
Original Source: itc.ua
