A hacker group called Lazarus, which is thought to be linked with the North Korean regime, currently holds approximately 13,562 bitcoins valued at US$1.14 billion, according to cryptocurrency exchange Binance and blockchain analytics firm Arkham Intelligence.
That puts North Korea behind only the U.S., which holds 198,109 bitcoins, and the U.K., with 61,245. The North's bitcoin reserves exceed those of El Salvador (6,118), which adopted Bitcoin as legal tender in 2021, and Bhutan (10,635), known for mining cryptocurrency using hydropower.
The surge in North Korea's crypto holdings appears to be linked to a massive cyberattack last month. Bybit, one of the world's largest cryptocurrency exchanges, was hacked on Feb. 21, with digital assets worth $1.46 billion stolen.
The heist, believed to have been orchestrated by Lazarus, marks one of the largest crypto thefts to date.
Lazarus has been blamed as the culprit in several major hacks including the theft of $600 million worth of cryptocurrency from the Ronin Network in 2022 and a $300 million theft from Japan's crypto exchange DMM Bitcoin the following year.
Radio Free Asia reported last week that North Korea converted most of its stolen Ethereum into bitcoin, but it appears to have been unable to cash out the assets so far.
South Korea, the U.S., and Japan have stepped up efforts in recent years to track and block cryptocurrency flows linked to North Korea, which is suspected of funneling illicit digital assets into its nuclear weapons and missile programs.
reporter
Im Yoon-seo
lyseo0330@ajupress.com
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