North Korea ranks third in bitcoin holdings, behind the U.S. and U.K., with 13,580 Bitcoins worth £886 million held by the Lazarus Group. This significant accumulation is attributed to theft and supports military funding. In 2024, North Korean cybercriminal activities accounted for a substantial proportion of global cryptocurrency thefts, highlighting ongoing concerns about the regime’s financing of illegal programs.
According to recent reports, North Korea has emerged as the third-largest holder of Bitcoin, following the United States and the United Kingdom. The Times highlights that the Lazarus Group, North Korea’s most prominent cyber organization, possesses approximately 13,580 Bitcoins, valued at an impressive £886 million, which were acquired through a recent theft.
Arkham Intelligence, a company specializing in tracking cryptocurrency assets, reveals that North Korea’s total bitcoin holdings amount to £3.9 billion, placing it behind the United Kingdom and the United States, which possess holdings of at least £12.7 billion. Notably, the funds accumulated by these nations primarily stem from confiscation linked to criminal activities.
The Lazarus Group, infamous for its cybercriminal activities, is crucial for the financial sustenance of North Korea, supporting military initiatives and weapons development. The FBI has reported that this group conducted a cyber raid on the cryptocurrency exchange Bybit, resulting in the theft of over £1.2 billion in Ethereum. In the year 2023, North Korea allocated £1.1 billion specifically for defense purposes.
Reports indicate that North Korean hackers pilfered about £616 million in cryptocurrencies last year. Furthermore, these criminal groups, allegedly operating on behalf of the North Korean regime, contributed to 35% of the total £1.7 billion in cryptocurrency stolen worldwide in 2024. A UN expert group asserted that as much as 40% of North Korea’s nuclear and ballistic missile programs are funded through illicit cyber activities.
As of March 19, the Bitcoin price stands at over $83,500. Bitcoin previously reached an all-time high of $109,241 on January 20, 2025, coinciding with the inauguration of President Donald Trump, before experiencing a 25% decline by the end of February.
In summary, North Korea’s ranking as the third-largest holder of Bitcoin reveals the significant role that cryptocurrency theft plays in the regime’s financing. The Lazarus Group’s cyber activities have generated substantial funds for the nation, particularly for military purposes. These insights underscore the growing intersection between cybercrime, cryptocurrency, and state-sponsored funding for illicit programs.
Original Source: newsukraine.rbc.ua
