North Korea has become the third-largest government holder of Bitcoin after a $1.46 billion hack on Bybit, spearheaded by the Lazarus Group. This incident has seen North Korea’s Bitcoin holdings rise to 13,562 BTC, valued at approximately $1.14 billion, surpassing Bhutan and El Salvador. The U.S. and allies have condemned North Korea’s hacking activities, raising concerns over the financing of its nuclear programs.
North Korea has ascended to the third position globally among governments in Bitcoin holdings after a significant theft of $1.46 billion in cryptocurrency. On February 21, a cybercriminal organization known as the Lazarus Group, allegedly linked to the North Korean regime, executed a hack on the Bybit exchange, taking nearly 401,000 Ethereum (ETH). Following this breach, a substantial portion of the stolen funds was converted to Bitcoin, raising North Korea’s total Bitcoin reserves to 13,562 BTC, valued at approximately $1.14 billion.
Currently, the United States holds the largest government Bitcoin reserve with 198,109 BTC, worth approximately $16.71 billion, while the United Kingdom ranks second with 61,245 BTC (around $5.17 billion). Following the recent hack, North Korea has overtaken both Bhutan, which holds 10,635 BTC ($898 million), and El Salvador, with its 6,117 BTC ($516 million) holdings.
This increase in North Korea’s cryptocurrency assets occurred shortly before the U.S. President signed an executive order forming the Strategic Bitcoin Reserve (SBR) on March 6. In spite of efforts globally to monitor and seize the stolen cryptocurrencies, it has been reported that North Korean hackers have laundered approximately $300 million from the Bybit incident.
Tom Robinson, the co-founder of blockchain analytics firm Elliptic, stated, “Every minute matters for the hackers who are trying to confuse the money trail, and they are extremely sophisticated in what they’re doing.” The stolen assets are laundered through intricate channels, with specialists asserting such funds are utilized to support North Korea’s military and nuclear activities.
The United States and allied nations have consistently condemned North Korea for numerous cryptocurrency hacks over the past decade. Notably, the Lazarus Group, which initially targeted traditional banks, has redirected its focus towards cryptocurrency exchanges over the last five years. Experts warn that the evolving tactics employed by this group, coupled with the growing magnitude of their heists, present an increasing danger to the global financial ecosystem.
In conclusion, North Korea’s recent rise to the third-largest holder of Bitcoin among governments underscores the significant threat posed by cybercriminal organizations, such as the Lazarus Group, which are increasingly focused on cryptocurrency theft. Despite global efforts to impede the laundering of these stolen digital assets, the complexities involved in tracking such transactions raise substantial concerns about the financing of illicit activities. The growing capabilities and tactics of these hackers highlight an urgent need for enhanced security measures within the cryptocurrency sphere.
Original Source: theins.ru
