North Korea is funding its military program with your money. The rogue country’s notorious Lazarus Group hacking operation has amassed over $1 billion in Bitcoin, funding nearly half of the dictatorship’s nuclear program with stolen digital currency.
At a glance:
• North Korea has become the fifth-largest sovereign Bitcoin holder globally, surpassing both Bhutan and El Salvador
• The North Korean-backed Lazarus Group stole over $1.4 billion from cryptocurrency exchange Bybit in a recent hack
• Lazarus now controls 13,518 Bitcoin valued at approximately $1.1 billion
• Only the United States, China, the UK, and Ukraine hold more Bitcoin than North Korea
• These stolen funds reportedly finance nearly 50% of North Korea’s nuclear missile program despite international sanctions
Sanctions-Busting Digital Heist
The Democratic People’s Republic of Korea has vaulted ahead of legitimate Bitcoin-holding nations through its latest massive cryptocurrency theft. North Korea’s Lazarus hacking group successfully executed a $1.4 billion heist from crypto exchange Bybit, dramatically boosting the rogue nation’s Bitcoin portfolio.
According to data from crypto analytics firm Arkham, Lazarus currently controls 13,518 Bitcoin worth approximately $1.1 billion. This staggering sum exceeds the sovereign Bitcoin holdings of nations like Bhutan (10,635 BTC) and El Salvador (6,118 BTC), countries that acquired their digital assets through legitimate means.
The United States remains the largest known holder of Bitcoin with 198,109 BTC, followed by the United Kingdom with 61,245 BTC. China and Ukraine also maintain larger Bitcoin reserves than North Korea, placing the sanctioned nation as the fifth-largest sovereign holder globally.
Funding Nuclear Ambitions Through Cyber Crime
The stolen cryptocurrency isn’t just sitting idle in digital wallets, either. CNN reports that almost 50% of North Korea’s nuclear missile program is now funded by cryptocurrency stolen from other countries, including the United States.
This direct connection between cryptocurrency theft and weapons development highlights the dangerous intersection of digital assets and national security concerns. The Lazarus Group employed sophisticated techniques in their Bybit attack, stealing over 400,000 Ether then converting it to Bitcoin through decentralized finance protocols like THORChain.
Beyond Bitcoin, Lazarus holds approximately $30 million in other cryptocurrencies including Ether, BNB, DAI, and BUSD. The group has established a pattern of significant cyberattacks, previously stealing $308 million from DMM Bitcoin and $615 million from the Ronin Network in separate operations.
A White House official stated in 2023 that North Korea funds approximately half of its weapons programs through cyber attacks and cryptocurrency thefts. This revelation demonstrates how digital currency has become a critical tool for sanctioned nations seeking to bypass international financial restrictions.
The Lazarus Group’s Bitcoin accumulation poses significant challenges for both cryptocurrency advocates and national security officials. Despite global sanctions aimed at curbing North Korea’s weapons program, the Kim regime has successfully leveraged digital assets to fund its military ambitions.
Cryptocurrency exchanges remain vulnerable despite increasing security measures following high-profile hacks. The ability of North Korean hackers to execute sophisticated attacks and launder massive amounts of digital currency highlights significant gaps in the current regulatory framework.
