Catenaa, Tuesday, March 18, 2025-North Korea has surpassed El Salvador and Bhutan in bitcoin holdings following a massive $1.4 billion hack of crypto exchange Bybit, according to blockchain intelligence firm Arkham.
The country’s state-backed Lazarus Group now controls 13,518 BTC, worth approximately $1.13 billion.
North Korea’s bitcoin accumulation has outpaced Bhutan’s 10,635 BTC and El Salvador’s 6,118 BTC. Bhutan builds its reserves through mining, while El Salvador has purchased BTC since adopting it as legal tender in 2021.
The Bybit hack, which occurred on Feb. 21, is considered one of the largest cyber thefts in crypto history. Lazarus, known for its cyberattacks on financial institutions, converted a significant portion of the stolen ether into bitcoin using decentralized finance (DeFi) platform THORChain.
This is not Lazarus’ first large-scale crypto heist. The group was behind a $308 million theft from Japan’s DMM Bitcoin in 2023 and a $615 million attack on Ronin Network in 2022.
In total, North Korea’s cybercriminals have stolen billions in digital assets, reportedly funding the country’s missile and weapons programs.
Despite North Korea’s growing holdings, the US remains the world’s largest bitcoin holder, with 198,109 BTC, mostly seized from criminal activities. The UK follows with 61,245 BTC, Arkham data shows.
Western governments have repeatedly imposed sanctions to curb North Korea’s illicit crypto activities, but experts say enforcement remains a challenge as the regime continues using sophisticated laundering techniques.
