North Korea ranks third in Bitcoin holdings, holding 13,580 Bitcoins via hackers. Lazarus Group, a prominent cybercrime organization, fuels Kim Jong-un’s regime by financing military efforts. The group has been active in significant cryptocurrency thefts, emphasizing North Korea’s reliance on illegal cyber activities to support its economy and military programs.
North Korea has recently emerged as the third-largest holder of Bitcoin, trailing only the United States and the United Kingdom. As reported by The Times, the North Korean cybercrime organization, Lazarus Group, reportedly possesses 13,580 Bitcoins, valued at approximately £886 million, following a significant theft last month.
Arkham Intelligence, a firm specializing in cryptocurrency market analysis, ranks North Korea just behind the UK, which holds assets amounting to £3.9 billion, and the US, with at least £12.7 billion in cryptocurrency. The latter two countries acquired their holdings primarily through the confiscation of criminal funds.
The Lazarus Group, also referred to as TraderTraitor, is among the world’s most notorious cybercriminal organizations. Their operations are deemed vital for North Korean leader Kim Jong-un, as they directly support the nation’s military initiatives, including arms manufacturing.
The FBI has confirmed that the Lazarus Group successfully stole over £1.2 billion in Ethereum during a digital breach at the cryptocurrency exchange Bybit last month. Additionally, North Korea’s defense expenditures in 2023 were reported at £1.1 billion.
According to a recent analysis, North Korean hackers were responsible for the theft of approximately £616 million in cryptocurrency last year. Furthermore, criminal groups operating under North Korean government directives accounted for 35% of the total £1.7 billion stolen globally in cryptocurrency-related crimes in 2024.
A report from a UN expert group concluded that illegal cyber activities finance as much as 40% of North Korea’s nuclear and ballistic missile programs. As of March 19, Bitcoin’s price is reported to exceed $83,500, while its peak value, recorded on January 20, 2025, reached $109,241. However, by February’s end, Bitcoin had fallen by 25% from this historical high.
North Korea’s rise to being the third-largest Bitcoin holder unveils the significant role cybercrime plays in supporting its government and military. The Lazarus Group’s actions exemplify the country’s reliance on illegal cyber activities for financial gain, underscoring a concerning trend regarding cybersecurity and international stability. Furthermore, as the global cryptocurrency landscape evolves, the implications of such illicit activities pose challenges for regulatory authorities.
Original Source: newsukraine.rbc.ua
