North Korea Becomes Third Largest Bitcoin Holder Following Major Theft

North Korea has ascended to the rank of the third largest bitcoin holder after stealing $1.5 billion from Bybit, with the Lazarus Group controlling 13,521 BTC. This follows a series of high-profile thefts, indicating the DPRK’s ongoing investment in cybercrime to support military initiatives.

North Korea has recently been reported as the third largest holder of bitcoin, following a significant theft of $1.5 billion in crypto assets from the Bybit exchange last month. The Democratic People’s Republic of Korea (DPRK) now ranks behind the United States and the United Kingdom in bitcoin holdings.

As per Arkham Intelligence, which utilizes artificial intelligence to trace anonymous cryptocurrency ownership, the notorious Lazarus Group of North Korean hackers currently possesses 13,521 BTC valued at approximately $1.14 billion. The U.S. holds 198,109 BTC, while the U.K. has 61,245 BTC, largely acquired through the reclamation of ill-gotten funds.

The stolen tokens from Bybit, primarily in Ethereum (ETH), were predominantly converted to bitcoin, with a significant amount laundered via the THORChain protocol earlier in March. This conversion activity reportedly generated $5.5 million in commission. Before this incident, the Lazarus Group had amassed more ETH than notable figures like Vitalik Buterin or the Ethereum Foundation.

Following the Bybit theft, which is recognized as the second largest cryptocurrency exchange by trading volume, the Lazarus Group targeted a service within the OKX exchange, resulting in a temporary suspension of the DEX aggregator for necessary updates to address existing vulnerabilities.

The Lazarus Group is infamous for orchestrating some of the most substantial cryptocurrency thefts, including a $1.34 billion theft last year, which represented a staggering 61% of all cryptocurrencies stolen in 2024. These cybercriminal activities have been linked to funding the DPRK’s military and weaponry developments for over a decade.

In summary, North Korea’s recent rise to the third largest bitcoin holder underscores the significant cybercrime activities conducted by the Lazarus Group. With a total of 13,521 BTC obtained through high-profile thefts, the DPRK’s involvement in cryptocurrency theft is not only a financial concern but also indicative of its militaristic ambitions. The consequences of such actions pose substantial risks to global cybersecurity and economic stability.

Original Source: itc.ua