North Korea ascended to the rank of third-largest government Bitcoin holder after a $1.46 billion hack by the Lazarus Group, acquiring 13,562 BTC post-theft. The United States and the United Kingdom remain the top two holders. North Korea’s reliance on stolen assets reflects its strategy to counteract international sanctions. The evolving tactics of cybercriminals pose significant risks to the financial system.
North Korea has positioned itself as the third-largest government holder of Bitcoin following a significant $1.46 billion cryptocurrency theft. On February 21, hackers believed to be from the Lazarus Group, a cybercriminal entity linked to the North Korean regime, executed the theft of approximately 401,000 units of Ethereum from Bybit, a major cryptocurrency exchange. Subsequently, much of the stolen Ethereum was converted to Bitcoin, elevating North Korea’s holdings to 13,562 BTC, valued at around $1.14 billion.
Leading the list of Bitcoin-holding governments is the United States, boasting 198,109 BTC worth approximately $16.71 billion, followed by the United Kingdom at 61,245 BTC (around $5.17 billion). North Korea’s recent acquisition allowed it to surpass Bhutan, which holds 10,635 BTC (equating to $898 million), and El Salvador, with 6,117 BTC (approximately $516 million).
This increase in North Korea’s cryptocurrency assets occurred just before U.S. President Donald Trump instituted the Strategic Bitcoin Reserve (SBR) on March 6. While efforts to monitor and freeze the stolen cryptocurrency have intensified, it is reported that North Korean hackers have laundered around $300 million from the Bybit incident.
“Every minute matters for the hackers who are trying to confuse the money trail, and they are extremely sophisticated in what they’re doing,” noted Tom Robinson, co-founder of blockchain analytics firm Elliptic. Analysts emphasize that the laundered funds are likely being utilized to support North Korea’s nuclear and military initiatives. The U.S. and allied nations have frequently accused North Korea of engaging in multiple cryptocurrency thefts over the past ten years, particularly using these digital assets to circumvent international sanctions.
The Lazarus Group, initially targeting banks, has transitioned to focusing on cryptocurrency exchanges during the last five years. Experts caution that their evolving tactics and the increasing size of their thefts present an escalating threat to the global financial landscape.
North Korea’s rise to the position of third-largest Bitcoin holder highlights the evolving threats posed by cybercriminal organizations like the Lazarus Group. With significant cryptocurrency thefts and laundering efforts that seemingly support the regime’s military objectives, this situation underscores the challenges facing international efforts to mitigate financial crime in the digital age. As North Korea continues to enhance its cryptocurrency reserves, the need for effective monitoring and preventive measures becomes increasingly critical.
Original Source: theins.ru
