North Korea has emerged as one of the largest nation-state holders of Bitcoin. The country now holds more Bitcoin than Bhutan or even El Salvador.
According to data from Arkham Intelligence, North Korea’s Lazarus Group controls 13,518 BTC. However, this number could be even more as the group has stolen millions more apart from the ByBit hack
These coins are worth around $1.13 billion. This number surpasses Bhutan’s 10,635 BTC and El Salvador’s 6,118 BTC. Bhutan built its holdings through a strong domestic mining strategy. El Salvador has steadily bought Bitcoin since it declared the cryptocurrency legal tender in 2021.
Lazarus Group and Cyberattacks
The Lazarus Group is infamous for its cyber attacks. This state-backed group is linked to North Korea. It is believed to be behind the Bybit hack. The Bybit breach led to the theft of millions of dollars in ETH.
Hackers used advanced methods to break through Bybit’s security. After stealing the funds, they converted ETH into BTC using cryptocurrency mixing platforms. This process hid the funds’ origin. The move helped them evade law enforcement detection. The conversion also added to North Korea’s growing bitcoin holdings.
Before the Bybit incident, Lazarus had targeted several crypto firms. Last year, the group stole $308 million from a Japanese firm called DMM Bitcoin. In 2022, they took $615 million from the Ronin Network. In 2024, they stole $234 million from an Indian cryptocurrency exchange, WazirX
These attacks show a pattern of sophisticated cybercrime. Lazarus continues to be a major threat to the crypto industry. Apart from Bitcoin, the group holds other digital assets. Their portfolio includes Ethereum, BNB, DAI, and BUSD, valued at about $30 million.
Also Read: North Korea’s Lazarus Hacker Group Deposits 400 $ETH (~$750K) into Tornado Cash
Calls for Stronger Regulations
International authorities are growing alarmed by these threats. They warn that state-backed cybercrime can destabilize the market. Experts call for stronger regulations to combat crypto crimes. Authorities suggest a tighter KYC process for crypto users.
They also propose improved tracking technologies to trace digital funds. Another recommendation is to boost coordination between nations. Such efforts could help identify and freeze illicit wallets. These measures aim to reduce the risks posed by groups like Lazarus.
The rise of North Korea as a Bitcoin holder has raised many questions. Analysts wonder about the future of state-backed crypto activities. There is a growing need for transparency in digital asset ownership.
The data from Arkham Intelligence reveals a new era in crypto holdings. North Korea now leads in bitcoin possession among several nation-states. The Lazarus Group remains active in high-profile cyber attacks. These actions highlight the urgent need for robust regulatory measures.
Also Read: THORChain Surpasses $1 Billion In Swap Volume In 48 Hours Amid $1.4 Billion Bybit Exploit