North Korea Emerges as Major Bitcoin Holder Following Bybit Hack

North Korea has become the third-largest holder of Bitcoin after a $1.46 billion theft from Bybit, boosting its Bitcoin reserves significantly. The Lazarus Group was responsible for the cyber heist, highlighting ongoing risks regarding cryptocurrency thefts linked to state-sponsored initiatives.

North Korea has ascended to the position of the third-largest government holder of Bitcoin, amassing a total of 13,562 BTC, valued at approximately $1.14 billion. This increase follows a significant theft of approximately $1.46 billion, executed by the Lazarus Group, a cybercriminal organization believed to be connected to the North Korean government. On February 21, hackers infiltrated the Bybit exchange, stealing close to 401,000 units of Ethereum before converting much of the funds into Bitcoin.

In summary, the incident has not only bolstered North Korea’s cryptocurrency reserves but has also underscored the increasing sophistication and danger posed by cybercriminal groups like Lazarus. The U.S. and its allies remain concerned about the implications of these thefts on global security and the funding of illicit activities.

Original Source: theins.ru