North Korea, through the Lazarus group, has escalated its Bitcoin holdings to surpass Bhutan and El Salvador, becoming the fifth largest sovereign holder via cyber theft, particularly following the $1.4 billion Bybit hack. This poses significant implications for global cryptocurrency security and the financing of illicit activities.
North Korea has ascended to the position of the fifth-largest sovereign Bitcoin holder globally, surpassing nations such as Bhutan and El Salvador. This development follows a significant cyber heist executed by the North Korean-linked group known as Lazarus, which pilfered over $1.4 billion from the cryptocurrency exchange Bybit. According to data from Arkham, Lazarus currently controls 13,518 Bitcoins, equivalent to approximately $1.1 billion at present.
The recent rise in North Korea’s Bitcoin holdings highlights the increasing impact of cybercrime on the global cryptocurrency landscape. The Lazarus group’s activities not only enhance North Korea’s financial standing in the crypto realm but also raise concerns regarding the funding of illicit operations, including weapons programs. With North Korea now outstripping Bhutan and El Salvador, the need for robust security measures in the cryptocurrency sector is more urgent than ever.
Original Source: crypto.news
