North Korea Surges to Third in Bitcoin Holdings, Fuelled by Cybercrime Activities
North Korea ranks as the third-largest holder of Bitcoin, following the U.S. and U.K., largely due to the Lazarus Group’s cyber thefts. With 13,580 Bitcoins valued at £886 million, the group is crucial for financing military endeavors. North Korean hackers stole £616 million last year, accounting for 35% of global crypto thefts in 2024, while 40% of the nation’s nuclear program funding comes from illegal cyber means.
North Korea has ascended to the position of the third-largest holder of Bitcoin, following the United States and the United Kingdom, as reported by The Times. This significant ranking is attributed to the Lazarus Group, North Korea’s most notorious cyber operation, which reportedly possesses 13,580 Bitcoins valued at £886 million after a considerable theft last month.
According to Arkham Intelligence, an organization specializing in cryptocurrency ownership identification, North Korea’s holdings amount to £3.9 billion, closely trailing the United Kingdom and the United States, with their respective amounts at £3.9 billion and £12.7 billion. These major Western economies accumulated their crypto assets through the confiscation of illicit funds.
The Lazarus Group, also referred to as TraderTraitor, is considered a leading criminal organization globally. Its financial resources are said to be vital for funding the North Korean regime, specifically bolstering military endeavors, including weapons production.
The FBI has confirmed that the group was responsible for stealing over £1.2 billion in Ethereum during a cyber assault on the cryptocurrency exchange, Bybit, last month. In 2023, it was reported that North Korea allocated £1.1 billion towards its defense efforts.
A recent report highlighted that North Korean hackers pilfered around £616 million in cryptocurrencies last year. Remarkably, it was revealed that these state-sponsored cyber operations accounted for 35% of the £1.7 billion stolen through cryptocurrency heists globally in 2024.
Additionally, a report from a UN expert group indicated that as much as 40% of North Korea’s funding for its nuclear and ballistic missile programs derives from illicit cyber activities. On March 19, Bitcoin was valued at over $83,500, having reached its historic high of $109,241 on January 20, 2025, coinciding with the inauguration of U.S. President Donald Trump. As of late February, Bitcoin’s value had experienced a decline of 25% from this peak.
In conclusion, North Korea’s emergence as the third-largest holder of Bitcoin underscores the significant role that cybercrime plays in funding its governmental and military activities. The Lazarus Group remains a prominent player in illicit cryptocurrency theft, which constitutes a substantial portion of global cyber theft. As international attention grows on these developments, the implications for cyber security and regulatory frameworks will be paramount moving forward.
Original Source: newsukraine.rbc.ua
