North Korea Surges to Third in Global Bitcoin Holdings Amid Cyber Criminal Activities

North Korea ranks as the third largest holder of Bitcoin, with 13,580 Bitcoins valued at £886 million, following the US and UK. This significant hold is largely attributed to the Lazarus Group, which funds military initiatives through cyber theft. Recent reports detail substantial cryptocurrency thefts connected to North Korean hackers, impacting global security dynamics.

North Korea has emerged as the third-largest holder of Bitcoin globally, following the United States and the United Kingdom, as reported by The Times. The Lazarus Group, a prominent cyber organization in North Korea, currently possesses 13,580 Bitcoins, valued at approximately £886 million, primarily acquired through illicit activities, including a significant theft last month.

According to Arkham Intelligence, which employs artificial intelligence for cryptocurrency identification, North Korea’s Bitcoin holdings place it behind the UK, valued at £3.9 billion, and the US, with at least £12.7 billion, acquired largely via confiscation of criminal assets.

The Lazarus Group, also known as TraderTraitor, is recognized as one of the world’s most successful cybercriminal organizations. The funds generated from its activities are reportedly crucial for North Korean leader Kim Jong-un, providing financial support for the military and weapons development, which aligns with the country’s strategic priorities.

Recently, the FBI reported that Lazarus Group executed a digital raid on the cryptocurrency exchange Bybit, resulting in the theft of over £1.2 billion in Ethereum. In 2023, North Korea allocated £1.1 billion of its budget towards defense spending, showcasing the significant financial demands of its military ambitions.

Last year, North Korean hackers purportedly stole around £616 million in various cryptocurrencies, with these government-affiliated criminal activities accounting for nearly 35% of the £1.7 billion in digital currency thefts globally in 2024. A recent UN report indicated that illegal cyber operations finance up to 40% of North Korea’s nuclear and ballistic missile programs.

As of March 19, Bitcoin’s trading price exceeded $83,500. It peaked at a historical high of $109,241 on January 20, 2025, coinciding with the inauguration of former US President Donald Trump, though it subsequently fell by 25% by the end of February.

In conclusion, North Korea’s substantial Bitcoin holdings highlight the increasing role of cryptocurrency in the nation’s financial strategies, particularly for supporting military endeavors. The operation of the Lazarus Group serves as a critical mechanism for illicit fund acquisition, demonstrating the global implications of cybercrime. Furthermore, the statistic indicating that a significant portion of North Korea’s criminal activities financially sustains its controversial nuclear and ballistic missile programs underscores serious geopolitical concerns regarding cyber security and international regulation of cryptocurrencies.

Original Source: newsukraine.rbc.ua