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North Korea has emerged as one of the largest holders of Bitcoin globally, primarily due to cyber activities attributed to the state-sponsored Lazarus Group. Following a significant heist targeting the cryptocurrency exchange Bybit, North Korea’s Bitcoin holdings have reached approximately 13,518 BTC, valued at around $1.15 billion.
Bybit Exchange Hack
On February 21, 2025, the Lazarus Group executed a cyberattack on Bybit, a prominent cryptocurrency exchange, resulting in the theft of approximately $1.5 billion in Ethereum. The group subsequently converted a substantial portion of these stolen assets into Bitcoin, significantly increasing North Korea’s cryptocurrency reserves.
Global Bitcoin Holdings
This accumulation positions North Korea as the third-largest government holder of Bitcoin, surpassing nations like Bhutan and El Salvador. The United States leads with 198,109 BTC, followed by the United Kingdom with 61,245 BTC.
Implications and Concerns
The substantial increase in North Korea’s Bitcoin holdings raises significant concerns regarding the use of illicit cyber activities to fund state operations, including nuclear and ballistic missile programs. Reports indicate that up to 40% of North Korea’s nuclear program is financed through cyber means.
This development underscores the challenges faced by the global community in addressing state-sponsored cybercrime and its implications for international security and the cryptocurrency market.
