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N-Korea gets ranked as world’s 3rd biggest Bitcoin holder
(MENAFN) North Korea is believed to be the world’s third-largest holder of bitcoin, according to a report by The Times on Tuesday. The United States has accused the regime of orchestrating a $1.5 billion digital asset theft, with reports claiming that nearly half of North Korea's foreign currency income comes from "malicious cyber activities."
Due to years of strict economic sanctions that have limited its participation in global trade, North Korea has turned to unconventional methods, including cryptocurrency, to secure resources for its defense programs, particularly its military and nuclear deterrent.
An analysis by Arkham Intelligence, a firm that uses AI to track ownership of anonymous crypto wallets, places North Korea's Lazarus Group – a hacking collective linked to the North Korean government – as holding approximately $1.2 billion in bitcoin. In comparison, the US holds over $17 billion in bitcoin, while the UK possesses more than $5 billion.
In a related development, the FBI recently accused the Lazarus Group of stealing around $1.5 billion worth of digital currency from Bybit, a Dubai-based cryptocurrency exchange. The hackers are said to have exploited a routine wallet transfer to steal approximately 401,000 Ethereum tokens, with expectations that the stolen funds will be laundered through various cryptocurrencies.
Due to years of strict economic sanctions that have limited its participation in global trade, North Korea has turned to unconventional methods, including cryptocurrency, to secure resources for its defense programs, particularly its military and nuclear deterrent.
An analysis by Arkham Intelligence, a firm that uses AI to track ownership of anonymous crypto wallets, places North Korea's Lazarus Group – a hacking collective linked to the North Korean government – as holding approximately $1.2 billion in bitcoin. In comparison, the US holds over $17 billion in bitcoin, while the UK possesses more than $5 billion.
In a related development, the FBI recently accused the Lazarus Group of stealing around $1.5 billion worth of digital currency from Bybit, a Dubai-based cryptocurrency exchange. The hackers are said to have exploited a routine wallet transfer to steal approximately 401,000 Ethereum tokens, with expectations that the stolen funds will be laundered through various cryptocurrencies.
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