North Korea Rises to Third-Largest Bitcoin Holder After Major Heist

North Korea has become the third-largest holder of Bitcoin after stealing $1.5 billion from Bybit. The nation, now holding 13,521 BTC, trails behind the USA and the UK in Bitcoin assets. The Lazarus Group’s thefts highlight the ongoing issue of cybercrime funding the DPRK’s military.

North Korea has ascended to become the third-largest holder of Bitcoin globally, following the theft of $1.5 billion in cryptocurrency assets from the Bybit exchange last month. The Democratic People’s Republic of Korea (DPRK) now trails only the United States and the United Kingdom regarding Bitcoin holdings.

As reported by Arkham Intelligence, which leverages artificial intelligence to discern the ownership of anonymous cryptocurrencies, North Korean hackers affiliated with the Lazarus Group possess 13,521 Bitcoins, valued at approximately $1.14 billion. The United States has a significantly higher amount with 198,109 Bitcoins, while the United Kingdom holds 61,245 Bitcoins, primarily acquired through the confiscation of criminal assets.

The cryptocurrency taken from Bybit was predominantly in Ethereum (ETH), much of which was subsequently converted into Bitcoin. The laundering process was facilitated through the THORChain protocol early in March, which reportedly accrued $5.5 million in fees. Remarkably, prior to the conversion, the Lazarus hackers controlled more ETH than either Vitalik Buterin or the Ethereum Foundation.

In the aftermath of the Bybit incident, which is recognized as the second-largest cryptocurrency exchange by trading volume, the Lazarus Group launched an attack on one of the services of the OKX exchange. As a result, the decentralized exchange (DEX) aggregator has been temporarily suspended for updates aimed at addressing the exploited vulnerabilities.

Notably, the Lazarus Group has orchestrated some of the largest cryptocurrency heists to date, including a theft amounting to $1.34 billion in tokens last year, which constituted 61% of all cryptocurrencies stolen in 2024. These cybercriminal activities have persisted for over a decade, generating funds for the enhancement of the DPRK’s military capabilities.

In summary, North Korea has emerged as a significant player in the cryptocurrency realm, becoming the third-largest holder of Bitcoin following a substantial theft from the Bybit exchange. The Lazarus Group’s ongoing criminal activities underscore the long-standing connection between cybercrime and funding for military resources in the DPRK. As this scenario evolves, the global implications of such actions remain a critical concern for security agencies worldwide.

Original Source: itc.ua