North Korea Crypto Holdings Surpasses Other Countries

North Korea has once again shocked the global financial landscape with its unprecedented accumulation of cryptocurrency holdings, surpassing countries like Bhutan and El Salvador in Bitcoin reserves. 

As of March 17, data from Arkham reveals that North Korea, primarily through the notorious Lazarus Group, now controls 13,518 Bitcoin (worth approximately $1.14 billion) alongside vast holdings of Ethereum and Binance Coin. 

This marks a significant shift in global crypto dynamics, highlighting the strategic utilization of digital assets to circumvent sanctions and bolster state reserves. 

This article delves into how North Korea’s crypto empire has grown, the methods used to amass such holdings, and the implications for global security and economic stability.

The Surge in North Korea’s Crypto Holdings

North Korea’s crypto wealth is largely attributed to a series of high-profile cyberattacks, including the most recent Bybit hack in February 2025, where the Lazarus Group reportedly stole over 400,000 Ether from a multi-signature cold wallet. 

Following the attack, the hackers cleverly laundered the assets using decentralized finance (DeFi) protocols like THORChain, effectively concealing the origin of the funds before converting them into Bitcoin. 

This maneuver enabled North Korea to leap ahead of both Bhutan and El Salvador in Bitcoin holdings, solidifying its position as one of the largest state Bitcoin holders globally.

According to Arkham data, Lazarus converted the stolen Ether to 13,518 Bitcoin and still holds 13,791 Ether (valued at $26.68 million) and 5,022 Binance Coin (BNB) worth $3.16 million. 

These staggering figures place North Korea firmly ahead of Bhutan’s 10,635 mined Bitcoin and El Salvador’s 6,118 Bitcoin. Meanwhile, countries like the United States, China, and the United Kingdom still hold the top spots, with reserves of 198,109 BTC, 190,000 BTC, and 61,245 BTC, respectively.

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The Role of Cybercrime in Building North Korea’s Crypto Empire

The Lazarus Group, a state-sponsored cybercrime unit tied to North Korea’s Reconnaissance General Bureau (RGB), has been instrumental in amassing crypto wealth through relentless hacking campaigns. 

Notable among these was the 2024 DMM Bitcoin exploit and the infamous 2022 Ronin Network breach, where Lazarus made off with $308 million and $600 million, respectively. 

In 2023 alone, North Korean hackers stole $660.5 million, and in 2024, this figure surged to $1.34 billion—a staggering 102.88% increase year-over-year.

Strategic Implications: Crypto as a Geopolitical Tool

North Korea’s rapid accumulation of digital assets raises profound questions about its long-term strategy. Unlike nations that mine or purchase Bitcoin through legal means, North Korea’s reserves are predominantly illicit, acquired through cyber theft and laundering. 

Analysts speculate that these reserves may be financing covert operations, weapons programs, or other strategic initiatives, posing significant challenges for global law enforcement and financial oversight.

Comparing Bitcoin Holdings Among Nations

Despite North Korea’s alarming crypto reserves, it still trails behind the top crypto-holding nations. The United States remains the largest Bitcoin holder, with 198,109 BTC worth around $16.52 billion, followed by China and the U.K. 

The rapid rise of North Korea’s crypto reserves has sparked debates about the use of digital assets as a tool of geopolitical power, especially given the stark contrast between legitimate state reserves and those amassed through cybercrime.

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Conclusion

As North Korea continues to build its crypto reserves through illicit means, global financial systems face unprecedented challenges. 

The convergence of cybercrime and state strategy threatens to undermine not only the stability of the crypto ecosystem but also international security. 

It is essential for governments, financial institutions, and crypto exchanges to adopt robust countermeasures and enhance cybersecurity protocols. For more insights into the evolving crypto landscape, visit Bitrue.

FAQ

Q: How much Bitcoin does North Korea hold? 
A: North Korea holds approximately 13,518 BTC, worth around $1.14 billion.

Q: Which hacker group is responsible for North Korea’s crypto holdings? 
A: The Lazarus Group, a state-backed hacking collective, is the primary entity behind North Korea’s crypto accumulation.

Q: How does North Korea rank among global Bitcoin holders? 
A: North Korea ranks third among state Bitcoin holders, behind the United States and the United Kingdom.

Q: How did North Korea accumulate such vast crypto reserves? 
A: The majority of North Korea’s crypto holdings stem from cyberattacks and strategic laundering techniques, primarily executed by the Lazarus Group.

Q: What are the implications of North Korea’s crypto accumulation? 
A: Experts warn that these holdings could finance covert operations, weapons programs, or sanction-evasion efforts.

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