North Korea has significantly surpassed Bhutan and El Salvador in Bitcoin reserves after a large-scale cyberattack, raising concerns over its geopolitical crypto strategy.
North Korea's Bitcoin Reserves
Following the Bybit hack that netted $1.4 billion, North Korea now surpasses Bhutan and El Salvador in Bitcoin holdings, positioning itself among the largest nation-state holders of cryptocurrency. The Lazarus Group, a notorious North Korean state-backed hacker collective, has long used cyberattacks as a means to amass crypto wealth. Currently, the Lazarus Group controls 13,518 BTC, valued at approximately $1.12 billion, exceeding the holdings of Bhutan and El Salvador.
The Bybit Hack: Lazarus Group's Latest Crypto Heist
The February 2025 Bybit hack, attributed to the Lazarus Group, set a record as the largest crypto exploit to date. The group reportedly swapped a significant portion of the stolen ETH into BTC using DeFi protocols to obscure transaction trails. This tactic has been employed in other hacks, including incidents with the Ronin Network and DMM Bitcoin. Besides Bitcoin, the Lazarus Group also holds over $30 million in other digital assets, including ETH, BNB, and stablecoins.
The Global Bitcoin Race: Strategic Reserves vs. Cyber Accumulation
While North Korea has surpassed Bhutan and El Salvador in BTC reserves, it still lags behind global leaders. The U.S. remains the largest Bitcoin-holding nation with 207,189 BTC, followed by China and the U.K. North Korea's rapid BTC accumulation raises questions about its long-term crypto strategy: whether it views Bitcoin as a geopolitical asset or merely as a tool to evade sanctions.
North Korea's BTC accumulation and its cyber-financed operations are increasingly the focus of global financial and security discussions, especially amid tightening international sanctions and oversight.
