North Korea has risen to be the fifth-largest sovereign Bitcoin holder after the Lazarus Group stole over $1.4 billion, surpassing Bhutan and El Salvador. The group now controls 13,518 BTC, accumulated through cyber heists. This increase follows an attack on Bybit, and enhances concerns about the funding of North Korea’s missile program through illicit crypto activities.
The Democratic People’s Republic of Korea (DPRK) has ascended to become the fifth-largest sovereign holder of Bitcoin globally, surpassing Bhutan and El Salvador following a significant cyber theft by the Lazarus Group. The group, funded by North Korea, currently possesses 13,518 Bitcoin, valued at approximately $1.1 billion as per Arkham data.
This substantial Bitcoin accumulation is primarily attributed to various cyberattacks and cryptocurrency heists executed by Lazarus over the years. Notable exploits include the DMM Bitcoin breach in 2024 and the Ronin Network hack in 2022, where Lazarus stole $308 million and over $600 million in cryptocurrencies, respectively.
Currently, the Lazarus Group’s Bitcoin holdings exceed those of Bhutan, which has accumulated 10,635 BTC through extensive crypto mining operations, as well as El Salvador, which holds 6,118 BTC as the first nation to recognize Bitcoin as legal tender.
Only a few sovereign states hold more Bitcoin than North Korea at present. These include the United States, with 198,109 BTC; China, with 194,000 BTC; the United Kingdom, with 61,000 BTC; and Ukraine, with 46,351 BTC.
The rapid increase in North Korea’s Bitcoin wealth followed Lazarus’ attack on the Bybit exchange in February, where significant amounts of Ether were stolen. Lazarus utilized various decentralized finance protocols to convert much of their stolen ETH into Bitcoin. According to CNN, Lazarus’ illicit gains, along with other DPRK-funded operations, reportedly finance nearly half of North Korea’s nuclear missile program.
In conclusion, North Korea’s ascendance in Bitcoin holdings, fueled by Lazarus Group’s cyber exploits, highlights the intersection of cryptocurrency and international security concerns. The DPRK now ranks fifth globally in sovereign Bitcoin reserves, outpacing traditionally crypto-enthusiastic nations such as Bhutan and El Salvador. This development raises significant questions regarding the implications of cybercrime on national funding and geopolitical stability.
Original Source: crypto.news
