North Korea's Lazarus Group continues to solidify its reputation in the world of cryptocurrency heists, amassing significant Bitcoin holdings after a series of attacks.
Lazarus Group's Rise to the Top of Bitcoin Holdings
Data from Arkham Intelligence reveals that Lazarus Group holds 13,518 Bitcoins, valued at approximately $1.16 billion. This positions North Korea as the third-largest government entity in Bitcoin holdings, surpassing El Salvador (6,117 BTC) and Bhutan (10,635 BTC).
How the Bybit Hack Fueled Lazarus’ Bitcoin Holdings
The increase in Bitcoin reserves came from a recent high-profile attack on the cryptocurrency exchange Bybit, where hackers stole 499,000 Ethereum ($1.39 billion). They converted a significant portion of the funds into Bitcoin, enhancing North Korea's crypto assets.
FBI Confirms North Korea’s Role
The FBI officially linked the Bybit hack to Lazarus Group. The organization used various methods, including mixers, cross-chain bridges, and instant swap platforms to obscure and convert the stolen funds.
The actions of the Lazarus Group raise significant concerns globally. With the primary objective being to bypass international sanctions and fund North Korea’s military programs, calls for tighter security measures in the crypto space grow stronger.
