March 19, 2025
North Korea has ascended to become the third-largest holder of Bitcoin globally, surpassed only by the United States and the United Kingdom. This development is primarily attributed to the cyber-hacking activities of the Lazarus Group, a state-sponsored entity. Currently, the group possesses approximately 13,580 Bitcoin, valued at £886 million.
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Significant Cyber Heists Fuel Accumulation
The Lazarus Group’s substantial Bitcoin holdings result from a series of high-profile cyber thefts. Notably, they orchestrated a significant heist involving the cryptocurrency exchange Bybit, stealing over £1.2 billion in Ethereum. These cyber activities play a crucial role in funding North Korea’s nuclear and ballistic missile programs.
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Global Impact and Response
In 2024, North Korea’s cyber thefts accounted for 35% of the £1.7 billion stolen worldwide. Despite Bybit’s efforts to recover the stolen assets, a substantial portion has been converted into conventional currencies, complicating recovery efforts. A United Nations report indicates that up to 40% of North Korea’s nuclear program financing is derived from these cyber activities.
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U.S. Strategic Bitcoin Reserve Initiative
In response to the growing significance of Bitcoin and its potential implications for national security, President Trump initiated a “strategic Bitcoin reserve.” This move aims to capitalize on Bitcoin’s fixed supply and security advantages, positioning the U.S. strategically in the evolving digital currency landscape.
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Conclusion
North Korea’s emergence as a major Bitcoin holder underscores the intersection of cybersecurity, international finance, and geopolitical strategy. The global community continues to grapple with the challenges posed by state-sponsored cyber thefts and their far-reaching implications.
