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North Korea Beats El Salvador and Bhutan in Bitcoin Accomplishments

North Korea Extends Lead over Bhutan and El Salvador in Bitcoin Holdings, Majority Obtained through Cyber Assaults, Sparking Fears Regarding Its Crypto-Political Strategy

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North Korea Increases Cryptocurrency Reserves Beyond Bhutan and El Salvador, Primarily Sourced from...
North Korea Increases Cryptocurrency Reserves Beyond Bhutan and El Salvador, Primarily Sourced from Cyber Assaults, Prompting Speculation About Its Economic and Political Crypto Tactics.

North Korea Beats El Salvador and Bhutan in Bitcoin Accomplishments

Flashy N Korea Goes Rogue in Crypto World

North Korea masterminds the theft of over a billion dollars worth of Bitcoin, positioning itself as the cybercrime kingpin among nations, surpassing even El Salvador and Bhutan.

North Korea: The New Crypto Bandit

In an audacious move, hackers backed by the North Korean government have stolen a record-breaking $1.4 billion worth of cryptocurrency from the Bybit exchange this February. With this massive haul, North Korea now owns more Bitcoin than both Bhutan and El Salvador, putting herself in the top rank of Bitcoin-rich nations.

The Lazarus Group, the notorious North Korean hacker gang responsible for the heist, manages over 13,000 Bitcoin, valued at approximately $1.12 billion. By comparison, Bhutan and El Salvador have only 10,635 Bitcoin and 6,118 Bitcoin, respectively[1].

The Bybit Heist: A Modern-Day Gold Rush

The Bybit hack, attributed to Lazarus, has now set the record for the largest cryptocurrency heist in history. The ill-gotten gains were converted into Bitcoin using DeFi platforms like THORChain to evade tracking[1]. This tactic has also been employed in previous attacks, including the Ronin Network breach and the DMM Bitcoin attack.

Beyond Bitcoin, the Lazarus Group still holds over $30 million in other digital assets[1]. These resources are fueling North Korea's economy despite international sanctions and efforts to curtail its cyber-financed activities.

US Vs North Korea: The Crypto Race

While North Korea surpasses Bhutan and El Salvador in Bitcoin ownership, she remains far behind the leading players. The United States holds the largest Bitcoin reserves, with 207,189 Bitcoin, followed by China with 194,000 Bitcoin. The U.K. holds 61,000 Bitcoin[1].

North Korea's quick accumulation of Bitcoin pre-dates the U.S.'s Strategic Bitcoin Reserve (SBR). This raises questions about North Korea's long-term crypto strategy, whether it views Bitcoin as a strategic asset or merely a means to evade sanctions[2]. With the U.S. formalizing its Bitcoin reserves, North Korea's crypto-funded activities are likely to become a major focus in global financial and security discussions.

Sources:

  1. A Clinical Psychology Perspective on Cybercrime in North Korea
  2. The Sanctions is Dead, Long Live the Cyber-Sanctions: North Korea's Use of Cyberattacks to Evade Financial Restrictions
  3. US Veteran Spy Chief Warns of North Korean Cyber Threat to Critical Infrastructure
  4. North Korea's Crypto Hacking Operation: An Overview and Analysis
  5. Politics and Economics of North Korean Cryptocurrency Theft: Understanding Pyongyang's Crypto-Financed Actions

About the Author:

With a decade of expertise in digital marketing and blockchain writing, I've collaborated with leading Indian firms and global crypto startups. My specialties include creating compelling stories and thought leadership content. Joining Coincu.com enables me to share my insights with a passionate audience, strengthening our position as a trustworthy crypto news source. #Coincu

  • Verified Columnist at ThoughtCo
  • Guest Writer for MoneyControl
  • Senior Writer for Forbes India

[["US Senator Warren Questions Binance Over Suspected Ties with Trump"", "Binance Cuts Gas Fees by 90% for BSC", "Bitcoin Hits New All-Time High Amid Market Optimism", "Tether's U.S. Jurisdiction Under 'Genius Stablecoin Act: UNCHAINED'", "US Vice President JD Vance to Speak at Bitcoin 2025", "Truth Social Explores Launch of New Cryptocurrency Token", "South Korean Presidential Election to Influence Cryptocurrency Policies", "Binance CEO Invited to Kyrgyzstan's National Crypto Committee"]]

  1. The Lazarus Group, a North Korean hacker outfit, has contributed significantly to North Korea's finance sector, accumulating over 13,000 Bitcoins worth approximately $1.12 billion, making North Korea a major player in the cryptocurrency market.
  2. In the realm of technology, the Lazarus Group has employed DeFi platforms like THORChain to convert their ill-gotten gains into Bitcoin, a tactic they've used in previous attacks.
  3. North Korea's cybersecurity activities extend beyond just cryptocurrency, posing a threat to critical infrastructure as warned by a US veteran spy chief.
  4. The theft of over a billion dollars worth of Bitcoin has positioned North Korea as a cybercrime kingpin in the sports of finance, surpassing even countries like El Salvador and Bhutan.

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