North Korea achieved the fifth position globally in Bitcoin reserves due to the activities of the Lazarus group funded by the nation.
Bitcoin and Cyber Attacks
According to Arkham, the Lazarus group, funded by North Korea, controls 13,518 BTC, worth approximately $1.1 billion at press time. This wealth was amassed through numerous cyber attacks and crypto exploits, such as the DMM Bitcoin exchange attack in 2024 and Ronin Network in 2022, where $308 million and over $600 million were stolen, respectively.
Comparison with Other Countries
Currently, the North Korean-linked organization boasts more Bitcoin than Bhutan’s 10,635 BTC and El Salvador’s 6,118 BTC. The United States, China, the United Kingdom, and Ukraine have larger Bitcoin holdings than North Korea, with 198,109 BTC, 194,000 BTC, 61,000 BTC, and 46,351 BTC respectively.
Impact of Lazarus Attacks
The sudden jump in North Korea’s BTC wealth is linked to Lazarus’ attack on Bybit in February, in which over 400,000 ETH were stolen. The group used decentralized finance protocols like THORChain to swap a significant portion of ETH to BTC. According to CNN, proceeds from Lazarus and other groups help fund up to 50% of North Korea’s nuclear missile program.
Lazarus group’s activities have positioned North Korea as a significant player in the cryptocurrency market, raising international concerns due to the nation’s stance in global politics.
