North Korea’s state-backed hacking group, Lazarus, has become one of the largest holders of Bitcoin globally.
After pulling off the largest heist in crypto history in February 2025, they stole $1.46 billion from the Bybit exchange, primarily in Ethereum.
Surprisingly, Lazarus swiftly converted a significant portion of the stolen funds into Bitcoin, pushing them into the spotlight as one of the most notable government-linked Bitcoin holders.
The Lazarus Group now controls 13,562 BTC, valued at $1.13 billion based on current Bitcoin prices.
This places North Korea’s crypto reserve in the top tier of Bitcoin holders, surpassing nations like Bhutan and El Salvador, who hold much smaller stacks of the asset.
Source: Bitcoin Treasuries
Bhutan owns 10,635 BTC ($888.82 million), while El Salvador holds 6,118 BTC ($511.3 million).
These countries acquired their Bitcoin through legitimate means, with El Salvador’s government purchasing Bitcoin as part of a national reserve strategy and Bhutan mining Bitcoin using its abundant hydroelectric power.
North Korea’s case, however, is far more controversial.
Unlike other state holders, their Bitcoin stockpile comes from illicit activities.
The Lazarus Group is notorious for executing large-scale hacks to fund North Korea’s foreign currency reserves amidst international sanctions.
The Bybit hack was the latest in a series of attacks on the global crypto market, with the group shifting its proceeds into Bitcoin almost immediately.
The Lazarus Group’s acquisition of Bitcoin places North Korea fourth in the global ranking of government-controlled Bitcoin reserves, behind the United States, China, and the United Kingdom.
The United States holds the largest stash with 198,109 BTC, worth $16.556.96 billion, followed by China with 190,000 BTC.
The UK has 61,245 BTC, valued at around $5.1 billion, largely obtained through criminal seizures.
In comparison, the Lazarus Group’s Bitcoin reserves have raised questions about North Korea's intentions.
While other nations have seized or strategically accumulated Bitcoin, North Korea’s rise through cybercrime paints a more sinister picture.
The timing of North Korea's Bitcoin accumulation coincides with rising geopolitical tensions, especially with the United States.
In early March 2025, President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve (SBR), a plan to build a national Bitcoin reserve as part of the country’s broader economic strategy.
This has led to speculation about North Korea's motivation behind its sudden focus on Bitcoin.
Could they be trying to build a reserve to rival other global powers?
While North Korea's Bitcoin stash might not be part of an official national strategy like the SBR in the US, it has drawn significant attention.
The hacking group’s ability to consistently exploit the global cryptocurrency ecosystem raises concerns over the security and regulation of digital assets.
As the Lazarus Group’s crypto activities continue, their role in the larger geopolitical and economic landscape remains unclear.
Their actions are not just a cyber threat but a signal of how digital currencies are becoming intertwined with international power dynamics.
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