North Korea’s state-backed hacking group, the Lazarus Group, has now amassed a staggering amount of Bitcoin, surpassing the holdings of nations such as Bhutan and El Salvador. This latest development follows the group’s successful exploit of the Bybit exchange in February 2025, which resulted in one of the largest cryptocurrency heists in history, netting them a significant haul.

The Lazarus Group is notorious for its cyberattacks, which are often attributed to the North Korean government. Historically, the group has been involved in high-profile attacks against financial institutions, cryptocurrency exchanges, and other tech firms. In this most recent breach, the Lazarus Group stole $1.46 billion worth of cryptocurrency, primarily in Ethereum, the second-largest digital asset by market capitalization. What sets this heist apart, however, is the group’s rapid conversion of the stolen funds into Bitcoin, signaling a shift in their preferred digital asset.

North Korea’s Rise as a Bitcoin Whale

Data from Arkham Intelligence reveals that the Lazarus Group now holds 13,518 BTC, valued at approximately $1.13 billion at Bitcoin’s current price. This puts North Korea’s hackers firmly within the top ranks of Bitcoin-holding entities globally. In fact, the group’s holdings are now larger than those of several countries, including Bhutan and El Salvador.

To put this into perspective, Bhutan currently holds 10,634 BTC, valued at $886 million, and El Salvador, which became the first country to adopt Bitcoin as legal tender in 2021, holds 6,118 BTC, worth $509.5 million. Unlike North Korea’s Lazarus Group, which acquired its Bitcoin through illicit means, Bhutan and El Salvador have obtained their Bitcoin through legal and strategic endeavors. El Salvador, for example, has committed to acquiring one Bitcoin per day to bolster its national reserves, while Bhutan uses its abundant hydroelectric power to mine Bitcoin sustainably.

However, North Korea’s position as a Bitcoin whale is now undeniable, with its Bitcoin holdings surpassing those of these nations. The question arises: why is the Lazarus Group, and by extension, North Korea, accumulating such vast amounts of Bitcoin?

A Strategic Move Amid Global Sanctions

The timing of the Lazarus Group’s Bitcoin acquisition raises several questions. The United States, under pro-crypto policies from President Donald Trump, recently signed an executive order to establish a strategic Bitcoin reserve. North Korea’s decision to convert stolen funds into Bitcoin could be seen as an attempt to mirror this strategy, though under very different circumstances. By holding Bitcoin, the Lazarus Group is likely trying to bolster North Korea’s foreign currency reserves, especially in the face of intense international sanctions.

This move is part of a larger trend in which North Korea has used cyberattacks to fund its operations. In the past, the Lazarus Group has stolen digital assets to circumvent sanctions and support the regime’s objectives. The fact that they have chosen Bitcoin as their asset of choice suggests a long-term strategy aimed at securing a stable and globally recognized form of digital wealth.

The Global Bitcoin Holding Rankings

With the Lazarus Group’s acquisition, North Korea now ranks fourth among global Bitcoin holders, surpassing countries like Bhutan and El Salvador. The top three positions are held by the United States, China, and the United Kingdom, all of which acquired their Bitcoin through legal means, often following large-scale seizures from illicit activities. The U.S., for instance, holds 198,109 BTC, valued at $16.47 billion, while China holds 195,000 BTC. The UK’s holdings stand at 61,245 BTC, worth $5.1 billion.

While North Korea’s Bitcoin holdings may pale in comparison to these countries, the fact that a state-backed hacking group has managed to acquire such a large amount of Bitcoin through illicit means speaks volumes about the ongoing concerns regarding the security and regulatory challenges in the cryptocurrency space.

Conclusion

As North Korea’s Lazarus Group continues to accumulate Bitcoin, it raises important questions about the role of cryptocurrency in global finance, particularly for governments and organizations that operate outside the norms of the international community. While countries like Bhutan and El Salvador have embraced Bitcoin for economic and strategic reasons, North Korea’s motivations are more opaque, with its actions likely aimed at circumventing international sanctions and strengthening its financial position.

As the Lazarus Group continues to grow its Bitcoin reserves, the world will be watching closely to see how this dynamic unfolds and what implications it has for the global cryptocurrency market.