North Korea's Lazarus Group has captured global attention as one of the most notorious hacking syndicates involved in cryptocurrency thefts. Recent data highlights their position as the third-largest state entity in Bitcoin holdings.
Lazarus Group's Rise in Cryptocurrency
Backed by the North Korean regime, the Lazarus Group is linked to significant cryptocurrency thefts. Their Bitcoin holdings have significantly increased following a high-profile attack on the Bybit exchange, where 499,000 Ethereum was stolen and largely converted into Bitcoin.
How the Bybit Hack Boosted Lazarus' Bitcoin Holdings
On February 21, 2025, hackers breached Bybit's security during an Ethereum transfer. They moved the stolen funds to anonymous wallets and laundered them through decentralized platforms. The laundering process included using THORChain, mixing services, and cross-chain bridges to obscure the origin of the funds.
Lazarus and North Korea's Funding of Nuclear Programs
Reports suggest that North Korea's Lazarus Group uses cryptocurrency not only for profit but to fund the country's nuclear and missile programs. Bitcoin is a crucial asset for the regime due to its censorship resistance and ability to evade international sanctions.
North Korea, through the Lazarus Group, continues to expand its influence in the cryptocurrency realm, raising concerns about potential uses of these assets for funding prohibited programs.
