North Korea's Lazarus Group has acquired 13,518 BTC, making it the third-largest government holder of cryptocurrency. This achievement is the result of large-scale hacks, including attacks on exchange platforms.
Rise in North Korea's Crypto Reserves
Recent data from Arkham Intelligence reveals that the Lazarus Group now holds 13,518 Bitcoin, valued at approximately $1.16 billion. This positions North Korea as the third-largest government holder of Bitcoin, surpassing countries like El Salvador and Bhutan.
Impact of the Bybit Hack
A major contributor to the growth of North Korea's Bitcoin reserves is the hack on the Bybit exchange platform, where hackers stole 499,000 Ethereum, equivalent to $1.39 billion, and converted a significant portion of the funds into Bitcoin. This incident marked a significant intensification of North Korea's use of cryptocurrencies for illicit funding operations.
International Community's Response
The FBI officially linked the Bybit hack to the TraderTraitor group, a faction within Lazarus, warning of the potential for further laundering and conversion of funds into cash. Recommendations were given to crypto exchanges and analytical firms to track suspicious activity and increase security measures. OKX also suspended its DEX aggregator services to prevent further exploitation.
North Korea is using cryptocurrencies not only for profit but also as a means to bypass international sanctions and fund military programs. This underscores the need for enhanced security and international cooperation in combating cryptocurrency-related cybercrime.
