North Korea Rises in Bitcoin Holdings After Bybit Theft

North Korea’s Lazarus Group has become a major Bitcoin holder, stealing $1.4 billion from Bybit, raising its total to 13,518 BTC. The nation now ranks fifth among sovereign Bitcoin holders, surpassing Bhutan and El Salvador. The attack’s proceeds are reportedly financing a significant portion of North Korea’s nuclear program.

The Democratic People’s Republic of Korea (DPRK) has recently ascended to become the fifth-largest sovereign holder of Bitcoin globally. This surge is attributed to the Lazarus Group, which stole over $1.4 billion from the Bybit cryptocurrency exchange, elevating North Korea’s Bitcoin holdings above those of both Bhutan and El Salvador. According to Arkham data, Lazarus currently controls 13,518 Bitcoin, valued at approximately $1.1 billion.

In summary, North Korea’s recent increase in Bitcoin holdings, propelled by the Lazarus Group’s successful attack on Bybit, places the nation as a formidable player in the cryptocurrency arena. The DPRK now surpasses both Bhutan and El Salvador in Bitcoin accumulation, further complicating global cryptocurrency dynamics.

Original Source: crypto.news