The North Korean hacking organization known as Lazarus Group has successfully stolen approximately $1.5 billion in ETH from cold wallets, significantly boosting the country's Bitcoin reserves.
Successful Digital Asset Theft
On February 21st, Lazarus Group stole approximately $1.5 billion in ETH, which was then laundered primarily by exchanging it for Bitcoin through cross-chain liquidity protocols. This increase in Bitcoin holdings has fortified North Korea's currency reserves.
North Korea's Position in the Global Bitcoin Market
Following the hacking event, North Korea has become the third-largest Bitcoin holder globally, trailing only the United States (198,109 BTC) and the United Kingdom (61,245 BTC). North Korea now holds around 13,562 BTC, valued at approximately $1.12 billion, surpassing both Bhutan and El Salvador.
Geopolitical and Economic Implications
This recent theft coincides with the signing of a Bitcoin strategic reserve executive order by the US President. This raises questions about whether North Korea is using such operations as part of a national reserve strategy to circumvent sanctions and strengthen its economic position.
North Korea continues to use hacking attacks as a tool to bolster its national Bitcoin reserves, potentially altering the global financial balance of power amid a changing geopolitical landscape.
