North Korea's Lazarus Group has gained notoriety in the crypto world by being linked to some of the largest cryptocurrency thefts in history.
Lazarus Group’s Ascent in Cryptocurrency
Backed by the North Korean regime, the Lazarus Group has been connected to major cryptocurrency thefts. Recent data from Arkham Intelligence reveals that Lazarus now holds 13,518 Bitcoin valued at approximately $1.16 billion, making North Korea the third-largest government entity by Bitcoin holdings.
How the Bybit Hack Boosted Lazarus’ Holdings
The dramatic increase in North Korea’s cryptocurrency reserves occurred after the attack on major exchange Bybit, where hackers stole 499,000 Ethereum ($1.39 billion), converting a significant portion into Bitcoin. According to Arkham, by March 4, the hackers had increased their holdings from 778 BTC to nearly 14,000 BTC, highlighting North Korea’s efforts to use cryptocurrency for illicit operations.
Global Response to Lazarus’ Activities
The FBI confirmed Lazarus’ role in the Bybit hack, linked to the internal TraderTraitor group. In response, leading exchanges, analytics firms, and DeFi platforms are taking measures to block transactions related to the group. OKX temporarily suspended its DEX aggregator services following the detection of coordinated exploitation attempts by Lazarus.
North Korea is actively using cryptocurrencies to evade international sanctions, strengthening its financial capabilities for funding state programs.
