North Korea’s Lazarus Group has been recognized as one of the most notorious crypto-hacking syndicates worldwide. Recent reports reveal it holds a significant amount of Bitcoin, making North Korea the third-largest country in Bitcoin holdings.
Lazarus Group's Rise in Bitcoin Holdings
The Lazarus Group significantly increased its Bitcoin holdings following a recent attack on the cryptocurrency exchange Bybit. The attack resulted in the theft of a considerable amount of Ethereum, which was partially converted into Bitcoin, boosting Lazarus Group's holdings to 13,518 BTC.
How the Bybit Hack Fueled Lazarus' Bitcoin Holdings
On February 21, 2025, hackers managed to breach Bybit’s security defenses, stealing 499,000 Ethereum. These funds were swiftly converted into Bitcoin, propelling Lazarus Group's holdings to record levels.
International Reactions
The FBI has confirmed Lazarus Group's involvement in the Bybit attack, linking them to the TraderTraitor crime group. The FBI released wallet addresses linked to stolen assets, allowing exchanges to block suspicious transactions. OKX has also suspended its DEX aggregation services temporarily after detecting threats from Lazarus.
The accumulation of Bitcoin by North Korean hackers raises international concerns over potential misuse of these funds to evade sanctions and finance state programs. Calls for enhanced security measures and tracking of suspicious transactions remain crucial.
