North Korea has become the third-largest Bitcoin-holding government after the Lazarus Group’s $1.46 billion heist from Bybit. The nation increased its Bitcoin reserves to approximately $1.14 billion, trailing only the U.S. and the U.K. The hack highlights vulnerabilities in global financial systems and concerns about funding for North Korea’s military efforts.
North Korea has emerged as the third-largest government holder of Bitcoin after a significant cryptocurrency theft amounting to $1.46 billion. On February 21, the Lazarus Group, a cybercriminal organization linked to the North Korean state, executed a hack on Bybit, stealing nearly 401,000 Ethereum (ETH). This incident enabled North Korea to increase its Bitcoin reserves to 13,562 BTC, valued at approximately $1.14 billion.
Currently, the United States leads as the largest Bitcoin-holding government with 198,109 BTC, valued at $16.71 billion, followed by the United Kingdom with 61,245 BTC (about $5.17 billion). Following the Bybit attack, North Korea surpassed both Bhutan, which holds 10,635 BTC ($898 million), and El Salvador, with 6,117 BTC ($516 million).
This sudden increase in cryptocurrency assets occurred just before March 6 when U.S. President Donald Trump announced the establishment of the Strategic Bitcoin Reserve (SBR). Reports indicate that North Korean hackers have managed to launder around $300 million from the Bybit incident, despite global efforts to trace and impede the stolen cryptocurrency.
Tom Robinson, co-founder of blockchain analytics firm Elliptic, noted the urgency of the hackers in obscuring the funds’ origins, stating, “Every minute matters for the hackers who are trying to confuse the money trail, and they are extremely sophisticated in what they’re doing.” Experts highlight that these funds often support North Korea’s nuclear and military initiatives.
The United States and its allies have accused North Korea of engaging in numerous cryptocurrency hacks over the past decade. The Lazarus Group, which initially targeted banks, has shifted its focus towards cryptocurrency exchanges in recent years, raising concerns among experts regarding the potential impact of its increasingly sophisticated operations on the global financial system.
In summary, North Korea’s ranking as the third-largest Bitcoin-holding government emerges in the wake of a significant hack on Bybit. This incident underscores the ongoing threat posed by cybercriminal organizations like the Lazarus Group. The laundering of stolen cryptocurrency not only poses risks to financial institutions worldwide but also supports North Korea’s military ambitions. Continuous global efforts are necessary to combat such illicit activities and safeguard financial ecosystems.
Original Source: theins.ru
