The Democratic People’s Republic of Korea has emerged as the fifth-largest sovereign holder of Bitcoin globally, following Lazarus’ theft of over $1.4 billion from Bybit.
The North Korean-backed group Lazarus has propelled the nation’s Bitcoin (BTC) reserves beyond those of crypto-friendly nations such as Bhutan and El Salvador. Currently, Lazarus is in control of 13,518 BTC, which is valued at roughly $1.1 billion as of the latest reports, based on Arkham data.
This substantial wealth has been garnered through a series of cyber attacks and cryptocurrency exploits over the years, including the DMM Bitcoin hack in Japan in 2024 and the Ronin Network breach in 2022, where Lazarus absconded with $308 million and over $600 million in cryptocurrency, respectively.
As of now, the organization linked to North Korea holds more Bitcoin than Bhutan’s 10,635 BTC, amassed through extensive mining operations, and the 6,118 BTC linked to El Salvador, the pioneering country to recognize BTC as legal tender.
Only U.S. authorities with 198,109 BTC, China with 194,000 BTC, the United Kingdom with 61,000 BTC, and Ukraine with 46,351 BTC have larger known sovereign Bitcoin holdings than North Korea.
The rapid increase in North Korea’s Bitcoin assets followed Lazarus’ attack on Bybit in February, during which the Dubai-based crypto exchange reported a theft of more than 400,000 Ether (ETH) from its Safe multi-signature cold wallet.
Lazarus utilized decentralized finance protocols such as THORChain, which have faced criticism from both in-house developers and the crypto community for weak anti-crime measures, to convert a significant amount of ETH into BTC. According to reports citing a White House official, proceeds from Lazarus’ activities and illicit funds from other DPRK-supported operations are estimated to finance nearly 50% of North Korea’s nuclear missile initiative.