North Korea's Lazarus Group has emerged as one of the world's most notorious crypto-hacking syndicates, leveraging state support to conduct illicit financial operations through digital assets.
North Korea's Rise in Bitcoin Holdings
Recent data indicates that the Lazarus Group now holds 13,518 BTC, valued at approximately $1.16 billion. This positions North Korea as the third-largest government entity in Bitcoin holdings, surpassing El Salvador and Bhutan.
How the Bybit Hack Boosted Lazarus' Stash
The latest high-profile attack on the Bybit exchange allowed the Lazarus Group to steal 499,000 ETH, which were partially converted into Bitcoin. The hackers employed complex strategies including mixers and cross-chain bridges to launder the funds.
North Korea's Role in the Global Crypto Landscape
The FBI has confirmed Lazarus' involvement in crypto thefts and has issued warnings to the global community. North Korea actively uses Bitcoin to evade sanctions and fund its weapons programs.
Leveraging cryptocurrencies to evade sanctions and fund state programs, North Korea's accumulation of Bitcoin has become a critical component of its economy, raising substantial concerns among global leaders.
