North Korea Holds $1.14B in Bitcoin from Cyberattacks
Key Takeaways
- North Korea now holds 13,562 Bitcoin (BTC) worth $1.14 billion USD.
- This amount surpasses the Bitcoin reserves of Bhutan and El Salvador.
- The Lazarus Group, a state-backed hacking organization, was responsible for the theft.
- North Korea funds approximately 50% of its weapons program through crypto theft.
- The US and other countries are attempting to seize stolen crypto assets.
North Korea’s Bitcoin Holdings Are Growing
North Korea has significantly increased its Bitcoin reserves through a large-scale cyberattack on the crypto exchange Bybit. The Lazarus Group, a notorious hacking organization with ties to the North Korean government, stole crypto assets worth $1.4 billion USD. A large portion of these funds was converted into Bitcoin, bringing North Korea’s total holdings to 13,562 BTC.
Comparison with Other Nations
With this amount of Bitcoin, North Korea now surpasses the holdings of Bhutan and El Salvador. Bhutan currently holds 10,635 BTC, while El Salvador, which has adopted Bitcoin as legal tender, has built up its reserves through direct purchases. The largest state-held Bitcoin reserves remain with the US at 198,109 BTC and the UK at 61,245 BTC.
How North Korea Launders Stolen Crypto
The Lazarus Group employs advanced money laundering techniques to obscure stolen cryptocurrencies. Decentralized finance protocols such as THORChain are used, along with services like Tornado Cash to anonymize transactions. Even before the Bybit hack, the group was responsible for major attacks, including the $615 million Ronin Bridge hack in 2022 and a $308 million attack on a Japanese crypto exchange.
Global Reactions to North Korea’s Crypto Strategy
The US and other countries are working to seize North Korea’s stolen crypto assets. A 2023 White House report found that approximately 50% of North Korea’s weapons and missile programs are funded through cybercrime and crypto theft. Despite international sanctions, the Lazarus Group continues to refine its techniques to evade law enforcement.
Our Assessment
North Korea’s growing Bitcoin holdings highlight the increasing role of cryptocurrencies in state-sponsored cybercrime. The use of blockchain technologies to fund weapons programs presents a serious challenge to international security. While the US is attempting to seize stolen assets, the decentralized nature of cryptocurrencies remains a barrier to effective measures. This situation will need to be closely monitored moving forward.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $82,811.00 |
| 24h % | -0.81 % |
| 7d % | -0.58 % |
| 30d % | -14.21 % |
| 60d % | -20.61 % |
| 1y % | 25.77 % |
| Market Cap | $1,642,767,764,305.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
Advertising transparency