North Korea is now the third-largest holder of Bitcoin globally, due to the activities of the Lazarus Group, which holds 13,580 Bitcoins worth £886 million. This group has been involved in significant cryptocurrency thefts, contributing to the funding of North Korea’s military endeavors and programs. The international security implications of these developments are considerable.
Recent reports indicate that North Korea has emerged as the third-largest holder of Bitcoin worldwide, trailing only the United States and the United Kingdom. The Times highlights that North Korea’s Lazarus Group, a prominent cyber criminal organization, possesses 13,580 Bitcoins, valued at approximately £886 million, following a significant theft last month.
Arkham Intelligence, utilizing artificial intelligence to trace cryptocurrency ownership, reveals that North Korea’s holdings are valued at £3.9 billion, placing it just behind the UK and US, which possess £3.9 billion and £12.7 billion respectively. The assets held by these nations have primarily been acquired through the confiscation of funds from criminal activities.
The Lazarus Group, alternatively known as TraderTraitor, is notorious for its efficiency in cybercrime. Its financial activities are crucial for the North Korean government, particularly in supporting military expenditures and weapons development. Notably, the FBI reported that the group orchestrated a theft of over £1.2 billion in Ethereum from the Bybit exchange last month.
In 2023, North Korea allocated £1.1 billion to its defense budget. Reports indicate that last year, North Korean hackers were responsible for stealing around £616 million in cryptocurrency, accounting for 35% of the total £1.7 billion in global cryptocurrency thefts in 2024.
A UN expert group revealed that up to 40% of North Korea’s nuclear and ballistic missile programs are financed through illicit cyber activities. As of March 19, Bitcoin’s value exceeds $83,500, but it recently experienced a 25% drop from its historical peak of $109,241 recorded on January 20, 2025, the day of former US President Donald Trump’s inauguration.
In conclusion, North Korea’s significant advancements in Bitcoin holdings, largely attributed to the Lazarus Group’s illicit activities, highlight its increasing reliance on cybercrime to fund governmental and military operations. With rising stakes in cryptocurrency thefts, such actions pose broader cybersecurity threats. The implications for international security are substantial, particularly given the clear link between these funds and nuclear program financing.
Original Source: newsukraine.rbc.ua
