North Korea has become the third largest Bitcoin hoarder in the world, behind the US and the UK, The Times reports. North Korea’s largest and most successful cyber organisation, Lazarus, holds 13,580 bitcoins worth $1.15 billion after a record-breaking theft last month.
According to Arkham Intelligence, which uses artificial intelligence to identify cryptocurrency owners, Pyongyang is second only to Britain with $5.06 billion and the US with at least $16.47 billion. Both countries obtained their assets by confiscating funds belonging to criminals.
The Lazarus group, also known as TraderTraitor, is one of the most successful criminal organisations in the world. Its proceeds are a lifeline for North Korean leader Kim Jong-un and fund the North Korean military, including weapons production.
The FBI confirmed that the group stole more than $1.56 billion in Ethereum cryptocurrency during a digital raid last month on the cryptocurrency exchange Bybit. In 2023, the DPRK spent $1.43 billion on defense.
According to a recent report, North Korean hackers stole an estimated $799 million in cryptocurrency last year. Cryptocurrency thefts by criminal groups working for the North Korean government accounted for 35% of the $2.21 billion stolen in such thefts worldwide in 2024.
Last year, a UN panel of experts concluded that North Korea was funding up to 40% of its nuclear and ballistic missile programs through “illicit cyber means.”
Note that as of the morning of March 19, the Bitcoin exchange rate was over $83,500.
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