North Korea Now Has More Bitcoin (BTC) Than El Salvador, Thanks to Lazarus?

North Korea has more Bitcoin (BTC) than El Salvador. This news is certainly quite surprising, considering that El Salvador was previously known for its dominance of BTC ownership at the country level, which was quite large.

The amount of BTC ownership in North Korea increased after the Lazarus group converted ETH, which they got from the ByBit hack, to Bitcoin.

Now, North Korea has 13,562 BTC, estimated to be equivalent to $ 1.14 billion, surpassing El Salvador.

North Korea Has More Bitcoin (BTC)

Based on the information in the post by Wu Blockchain, North Korea has significantly increased its Bitcoin (BTC) holdings following the ByBit attack. 

North Korea has emerged as one of the largest state holders of Bitcoin (BTC), surpassing both El Salvador and Bhutan in cryptocurrency reserves. 

Following the ByBit hack, the North Korean hacker group, most notably the Lazarus Group, converted stolen Ethereum (ETH) into Bitcoin, amassing a total of 13,562 BTC, valued at approximately $1.14 billion.

This recent accumulation marks a significant shift in the global Bitcoin holdings landscape. North Korea now holds more BTC than El Salvador, which has 6,117 BTC, despite the latter being the first country in the world to adopt Bitcoin as legal tender. 

Additionally, North Korea has also surpassed Bhutan, a country known for its strategic crypto investments, which holds 10,635 BTC.

With this development, North Korea now ranks as the third-largest government entity in the world in terms of Bitcoin reserves. 

The only countries with higher BTC holdings are the United States, which leads with 198,109 BTC, and the United Kingdom, with 61,245 BTC.

Impact for Crypto Market

North Korea’s rise as the third-largest government Bitcoin (BTC) holder, surpassing El Salvador and Bhutan, has serious implications for the crypto market. 

After the ByBit hack, North Korea’s Lazarus Group converted stolen assets into 13,562 BTC ($1.14 billion), strengthening their financial position despite global sanctions.

This development increases market volatility, as North Korea could sell off BTC suddenly, causing price swings. It also raises security concerns, with more exchange hacks and cybercrime likely. 

Governments, especially in the U.S. and UK, may tighten regulations, enforce stricter KYC/AML rules, and crack down on privacy tools to prevent illicit crypto use.

Institutional investors may become cautious, while retail investors face uncertainty, leading to short-term price dips. At the same time, other sanctioned nations like Russia and Iran may follow North Korea’s strategy, increasing their BTC reserves to bypass financial restrictions.

Read Also: North Korea's $1.5B ETH Hack Tragedy

Ultimately, this situation reinforces Bitcoin’s role as a global asset beyond government control, but also raises risks of stricter regulations and market instability. 

Bitcoin’s future will depend on how authorities respond and how investors adapt to this growing geopolitical challenge.

Final Note

North Korea has officially surpassed El Salvador and Bhutan in Bitcoin (BTC) holdings, now ranking as the third-largest government entity in terms of BTC reserves. 

This rapid accumulation, totaling 13,562 BTC ($1.14 billion), was largely made possible by the Lazarus Group, North Korea’s notorious state-backed cybercrime syndicate. 

Following the $1.5 billion ByBit hack, Lazarus converted stolen funds into Bitcoin, further solidifying North Korea’s crypto dominance.

While El Salvador became the first country to legalize Bitcoin, its 6,117 BTC holdings are now overshadowed by North Korea, which is using BTC as a sanctions-evading financial tool. 

This development raises serious concerns about global cybersecurity, illicit crypto activities, and market stability. 

With North Korea potentially treating BTC as a strategic reserve, governments worldwide may tighten regulations and increase oversight to counter future threats.

In the end, North Korea’s rise as a major BTC holder is not due to innovation or adoption, but rather a calculated strategy powered by cyber theft and financial manipulation, a reality that could reshape both the crypto market and global security policies in the years to come.