North Korea has ascended to the position of the world’s third-largest holder of Bitcoin, trailing only the United States and the United Kingdom. This development stems from a series of high-profile cyberattacks attributed to the state-sponsored hacking group known as Lazarus.
According to data from Arkham Intelligence, North Korea’s Bitcoin holdings now total approximately 13,580 BTC, valued at around $1.15 billion. This significant accumulation places North Korea ahead of countries like El Salvador and Bhutan in terms of government-held Bitcoin assets.
Anotable incident contributing to this surge was the February 21 hack of the cryptocurrency exchange Bybit, where Lazarus reportedly stole nearly $1.5 billion in Ethereum. The group subsequently converted a substantial portion of these stolen assets into Bitcoin, bolstering North Korea’s cryptocurrency reserves.
These cyber activities are believed to play a crucial role in funding North Korea’s nuclear and ballistic missile programs. A United Nations report indicated that up to 40% of North Korea’s nuclear program is financed through illicit cyber means.
The global community continues to monitor these developments closely, as North Korea’s growing cryptocurrency holdings raise concerns about the use of digital assets in circumventing international sanctions and funding prohibited activities.
