North Korea has become the third largest Bitcoin holder due to a $1.5 billion theft from Bybit, surpassing only the US and UK. The Lazarus Group possesses over 13,521 BTC. Proceeds from such cyber thefts are believed to fund the nation’s military. This incident emphasizes the ongoing challenge of cybercrime in the cryptocurrency sector.
Recent developments indicate that North Korea has ascended to the rank of the third largest holder of Bitcoin, attributable to the theft of $1.5 billion in cryptocurrency assets from the Bybit exchange last month. The Democratic People’s Republic of Korea (DPRK) now follows only the United States and the United Kingdom in Bitcoin reserves.
According to Arkham Intelligence, which employs artificial intelligence to trace ownership of cryptocurrencies, the North Korean hacking group known as the Lazarus Group possesses 13,521 BTC, valued at approximately $1.14 billion. In comparison, the United States controls 198,109 BTC, while the United Kingdom has 61,245 BTC, most of which have been obtained through the seizure of illicit funds.
The stolen assets from Bybit predominantly consisted of Ethereum (ETH), which were subsequently converted into Bitcoin. A significant portion of the laundered cryptocurrency flowed through the THORChain protocol in early March, yielding $5.5 million in commissions. Remarkably, prior to this conversion, the Lazarus hackers held a greater amount of ETH than either Vitalik Buterin or the Ethereum Foundation.
Following the Bybit incident, recognized as the second-largest cryptocurrency exchange by trading volume, the Lazarus Group targeted a service operated by the OKX exchange. As a precaution, the decentralized exchange (DEX) aggregator has been momentarily suspended to implement updates aimed at closing vulnerabilities.
The Lazarus Group is notorious for executing some of the largest cryptocurrency thefts to date, including a theft last year amounting to $1.34 billion, constituting 61% of total cryptocurrency thefts recorded in 2024. North Korean hackers are believed to have been involved in cryptocurrency-related cybercrime for over a decade, with proceeds reportedly funnelled towards bolstering the DPRK’s military and weapons capabilities.
In summary, North Korea has emerged as a major player in the cryptocurrency domain, now ranking as the third largest Bitcoin holder following a significant theft from Bybit. The actions of the Lazarus Group illustrate the growing threat of cybercrime linked to state actors, with profits being utilized to support military objectives. These developments pose serious implications for global cybersecurity and the regulation of digital currencies.
Original Source: itc.ua
