The DPRK has become the third-largest Bitcoin holder after $1.5 billion theft from Bybit. The Lazarus Group controls 13,521 BTC. North Korean hackers have been engaged in cryptocurrency theft for over ten years, using the proceeds to strengthen military capabilities.
Recent developments reveal that the Democratic People’s Republic of Korea (DPRK) has ascended to become the third-largest holder of Bitcoin globally, primarily due to a substantial theft of $1.5 billion in cryptocurrency from the Bybit exchange last month. This positions North Korea behind the United States and the United Kingdom in the accumulation of Bitcoin.
According to Arkham Intelligence, a firm specializing in anonymous cryptocurrency identification, the North Korean hacking group Lazarus Group controls approximately 13,521 BTC, which holds a value of around $1.14 billion. To contrast, the United States possesses 198,109 BTC, while the United Kingdom has 61,245 BTC, both gained through the confiscation of illicitly obtained funds.
The stolen assets from Bybit mainly consisted of Ethereum (ETH), most of which were converted into Bitcoin. A significant amount of the cryptocurrency was laundered via the THORChain protocol in early March, which accrued $5.5 million in commissions during the process. Notably, prior to this conversion, Lazarus Group held more ETH than Ethereum co-founder Vitalik Buterin or the Ethereum Foundation.
In the aftermath of the Bybit incident, which is identified as the second-largest cryptocurrency exchange by trading volume, Lazarus Group proceeded to target a service of the OKX exchange, leading to a temporary suspension of the DEX aggregator for essential updates to address security vulnerabilities.
Lazarus Group has gained notoriety for its involvement in some of the most significant cryptocurrency thefts documented, including a staggering $1.34 billion in tokens stolen last year, comprising 61% of all stolen cryptocurrencies in 2024. Evidence suggests that North Korean hackers have been perpetrating cryptocurrency-related cybercrime for over a decade, with the illicit proceeds reportedly utilized to bolster the DPRK’s military and weaponry.
In conclusion, the DPRK’s rise to the third-largest Bitcoin holder is a significant development resulting from the substantial theft of crypto assets from the Bybit exchange. The actions of the Lazarus Group not only exemplify the persistent threat of cybercrime but also underline the ongoing use of stolen cryptocurrencies to finance state military efforts. This underscores the need for vigilance in securing cryptocurrency exchanges against such sophisticated attacks.
Original Source: itc.ua
