North Korean government-tied serial hackers The Lazarus group now outholds major Bitcoin-holding nations after swapping most of the proceeds from the Bybit hack to the premier asset.
The notorious state-backed hackers pulled off the biggest heist in crypto history in February after exploiting prominent crypto exchange Bybit. Lazarus Group stole $1.46 billion worth of crypto, primarily denominated in Ethereum, the second-largest cryptocurrency by market cap.
Unconventionally, the hackers, typically known as patient holders of stolen funds before laundering, immediately resorted to laundering the stolen funds. Data from Arkham shows that the serial exploiters have now converted most of the proceeds from the hack to Bitcoin.
North Korea’s Group: The Latest Bitcoin Whale
Per data, North Korea’s Lazarus group now holds 13,518 BTC, worth a staggering $1.13 billion at the asset’s current price. What is more eloquent about this figure is the country’s current position among the Bitcoin-holding governmental entities globally.
North Korea’s current Bitcoin stash places it fourth on the log, outholding top nations like Bhutan and El Salvador. For context, while Bhutan holds 10,634 BTC ($886 million), El Salvador has a stack of 6,118 BTC ($509.5 million).
Unlike North Korea’s sly Bitcoin ownership, these two nations acquired their stash through well-meaning endeavors. El Salvador has pledged to acquire 1 BTC daily as a strategic reserve, while Bhutan leverages its rich hydroelectric power to mine the pioneering cryptocurrency.
Meanwhile, above North Korea are the United States, China, and the United Kingdom. Notably, these global forces did not procure their bitcoins like the state-tied hackers but acquired them through seizures.
The US has 198,109 BTC ($16.47 billion), China boasts 195,000 BTC, and the UK holds 61,245 BTC ($5.1 billion).
North Korea’s Bitcoin Reserve Ploy?
Interestingly, the recent hack and conversion correlated with the United States’ realized efforts to create a strategic Bitcoin reserve. Pro-crypto President Donald Trump had teased the idea since his campaign days, recently signing off the strategy in an executive order in early March.
Meanwhile, the Lazarus Group’s choice of Bitcoin after the Bybit hack has raised curiosity about the state-tied group’s intentions. Could they be angling to hold the largest cryptocurrency by market cap and join other elites in the rankings?
In the meantime, the nation’s crypto strategy has become a concern for the industry. The serial hackers have pulled off jaw-dropping heists to fund North Korea’s foreign currency reserve amid Western sanctions.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
