North Korea has become one of the world's largest Bitcoin-holding countries after the Lazarus Group hacker group exchanged ETH for BTC from the Bybit exchange hack.
After the Bybit hack, North Korea surpassed Bhutan and El Salvador in the amount of Bitcoin held
As reported by Coin68, the cryptocurrency exchange Bybit was attacked at the end of February, suffering a loss of more than $1.46 billion (mainly ETH) - setting a record for the largest scale of damage in the crypto industry, becoming the hack with the biggest consequences in human history.
The Bybit hack is attributed to the Lazarus Group - a notorious hacker group backed by the North Korean government, known for sophisticated attacks using fraud tactics to steal massive amounts of money from crypto platforms, such as the $600 million hack of the Ronin Network of Axie Infinity and the $305 million hack of the Japanese crypto exchange DMM Bitcoin.
North Korea has become one of the largest Bitcoin-holding countries
Recent on-chain data shows that the hackers have exchanged most of the ETH for BTC in an attempt to launder the $1.4 billion through the THORChain platform to avoid being traced.
Currently, the Lazarus Group holds 13,518 BTC, equivalent to $1.13 billion. In addition, the group also holds around $30 million in other cryptocurrencies such as ETH, BNB, DAI, BUSD, USDT, and USDC.
Portfolio statistics of the Lazarus Group hacker group's wallet, updated on 17/03/2025. Source: Arkham Intelligence
It can be said that thanks to the "seizure" of $1.4 billion from the Bybit hack by the Lazarus Group hacker group from North Korea, the country has increased its Bitcoin holdings to 13,562 BTC - surpassing the BTC holdings of Bhutan (10,635 BTC) and El Salvador (6,118 BTC).
List of the 10 countries with the largest Bitcoin holdings, as of 17/03/2025. Source: bitcointreasuries.net
Regarding how these countries hold Bitcoin:
- The Bhutan government mainly accumulates BTC through a domestic mining strategy;
- El Salvador has been continuously buying BTC since legalizing the currency in 2021;
- Unlike the two countries above, most of North Korea's Bitcoin was obtained through the crypto hacks carried out by the Lazarus Group.
Bitcoin becomes a strategic tool in geopolitics
Notably, the Bybit hack by the Lazarus Group occurred just before former US President Donald Trump signed an order to establish a Strategic Bitcoin Reserve Fund. This move raises the question of whether North Korea is trying to join the "Bitcoin holding race" with its own strategy.
While North Korea is increasing its BTC holdings, the US remains the world's largest Bitcoin holder with 198,109 BTC, worth around $16.52 billion.
More surprisingly, the country in second place right after the US is China with 190,000 BTC - a country that has long expressed a tough stance on cryptocurrencies, seeing them as a potential threat to financial stability. However, the Chinese government has recently officially confirmed that cryptocurrencies have the property of assets under the law, and Changpeng Zhao (CZ) recently predicted that the "billion-people country" will soon join the race to accumulate Bitcoin.
Following China is the United Kingdom with 61,245 BTC, most of which were obtained through the confiscation of illegal assets.
While the US openly holds Bitcoin through legal strategic asset policies, North Korea wants to own BTC in a more covert way - through cyber attacks! Two countries, one asset, but completely opposite strategies, turning Bitcoin into an important chess piece in the global geopolitical game.
Compiled by Coin68
