North Korea’s Lazarus Group Now Holds More Bitcoin Than El Salvador and Bhutan
Highlights:
- North Korea’s Lazarus Group now holds 13,518 BTC, making it a top holder.
- North Korea’s Bitcoin stash raises concerns about its geopolitical and financial impact.
- Experts warn North Korea’s Bitcoin strategy could challenge U.S. dominance and bypass sanctions.
The Lazarus Group, a hacking group linked to the North Korean government, now holds more Bitcoin (BTC) than many major Bitcoin-holding countries. This happened after they converted most of the stolen funds from the Bybit hack into Bitcoin.
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On February 21, state-backed hackers pulled off the biggest crypto theft ever by hacking the popular exchange Bybit. The Lazarus Group stole $1.46 billion in cryptocurrency, mostly in Ethereum, the second-largest digital currency by market value. Unlike their usual strategy of holding stolen funds before laundering them, the hackers quickly started laundering the money.
North Korea Becomes One of the Top Bitcoin Holders with 13,518 BTC
Data from Arkham shows that they have now converted most of the stolen crypto into Bitcoin. North Korea’s Lazarus Group holds 13,518 BTC, worth $1.13 billion. This makes the country one of the top government holders of Bitcoin worldwide. North Korea ranks fourth among government Bitcoin holders, surpassing Bhutan (10,634 BTC) and El Salvador (6,118 BTC).
North Korea secretly owns Bitcoin, but El Salvador and Bhutan got theirs differently. El Salvador buys 1 Bitcoin every day for its reserves, while Bhutan uses its hydropower to mine Bitcoin. The U.S., China, and the U.K. own a lot of Bitcoin, but they got it by seizing it, not through hacking like North Korea. The U.S. has 198,109 BTC, China has 195,000 BTC, and the U.K. holds 61,245 BTC.
On March 6, President Trump signed an order to create theStrategic Bitcoin Reserve (SBR). With 198,109 BTC worth $16.71 billion, the U.S. now has the largest government-owned Bitcoin supply.
After the Bybit attack, the North Korean hacker group has converted ETH into BTC and now owns 13,562 BTC, worth about $1.14 billion. North Korea's Bitcoin holdings have surpassed El Salvador (6,117 BTC) and Bhutan (10,635 BTC), becoming the third largest government entity in the…
— Wu Blockchain (@WuBlockchain) March 16, 2025
Lazarus Group’s Bitcoin Strategy: A Challenge to the U.S.
The Lazarus Group’s use of Bitcoin after the Bybit hack has raised questions. Are they trying to become a top Bitcoin holder like other major players? North Korea’s Bitcoin stash grew just as the U.S. started its reserve also raising questions.
Experts think Kim Jong Un is using stolen Bitcoin to avoid sanctions and fund activities without banks. Bitcoin helps North Korea bypass sanctions since it’s decentralized. Unlike gold or foreign currency, it lets them move money and trade without global oversight. In 2023, a White House official stated that North Korea funds about half of its weapons programs through cyberattacks and cryptocurrency thefts, according to CNN.
The U.S. uses Bitcoin as a financial strategy, while North Korea sees it as a geopolitical tool, showing how digital assets influence economics and politics. The crypto community fears North Korea’s Bitcoin strategy. Some view it as a direct challenge to US dominance, while others caution that if Washington doesn’t respond, more countries may adopt similar strategies. Bitcoin is now a tool of power, not just a currency.
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Syed Ali Haider
Ali Haider is a contributing crypto writer at Crypto2Community. He is a crypto and blockchain journalist with over six years of experience and has long advocated for digital freedom and cybersecurity. Haider has been featured in several high-profile crypto and finance outlets, including Coincult, AltcoinBeacon, BTCRead, and more.
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