North Korea Ranks as World's Third Largest Bitcoin Holder – Times
The FBI has charged that Pyongyang is behind a $1...
TroibNews 
The FBI has charged North Korea with orchestrating a $1.5 billion cryptocurrency heist.
According to a report by The Times on Tuesday, North Korea is believed to be the world’s third-largest holder of bitcoin. The United States has alleged that Pyongyang masterminded a massive digital asset theft and claimed that nearly half of the nation’s foreign currency income is generated from “malicious cyber activities.”
For decades, North Korea has faced stringent economic sanctions that limit its ability to engage in international trade. To procure resources for its defense programs and maintain a strong military as well as a nuclear deterrent, Pyongyang has turned to innovative methods, including the use of cryptocurrency, to evade these restrictions.
This ranking is based on an analysis conducted by Arkham Intelligence, a firm that utilizes AI technology to track ownership of anonymous crypto wallets. Arkham estimates that the Lazarus Group—a hacking collective said to be connected to the North Korean regime—currently holds around $1.2 billion in bitcoin. In contrast, estimates indicate that the U.S. holds bitcoin assets exceeding $17 billion, while the UK has over $5 billion.
Last month, the FBI accused the Lazarus Group of stealing roughly $1.5 billion worth of digital currency from Bybit, a cryptocurrency exchange based in Dubai that caters to over 60 million users. The hackers allegedly took advantage of a routine transfer between digital wallets to steal approximately 401,000 Ethereum tokens. The Bureau anticipates that Lazarus will attempt to launder its stolen assets through various cryptocurrencies.
Alejandro Jose Martinez for TROIB News
According to a report by The Times on Tuesday, North Korea is believed to be the world’s third-largest holder of bitcoin. The United States has alleged that Pyongyang masterminded a massive digital asset theft and claimed that nearly half of the nation’s foreign currency income is generated from “malicious cyber activities.”
For decades, North Korea has faced stringent economic sanctions that limit its ability to engage in international trade. To procure resources for its defense programs and maintain a strong military as well as a nuclear deterrent, Pyongyang has turned to innovative methods, including the use of cryptocurrency, to evade these restrictions.
This ranking is based on an analysis conducted by Arkham Intelligence, a firm that utilizes AI technology to track ownership of anonymous crypto wallets. Arkham estimates that the Lazarus Group—a hacking collective said to be connected to the North Korean regime—currently holds around $1.2 billion in bitcoin. In contrast, estimates indicate that the U.S. holds bitcoin assets exceeding $17 billion, while the UK has over $5 billion.
Last month, the FBI accused the Lazarus Group of stealing roughly $1.5 billion worth of digital currency from Bybit, a cryptocurrency exchange based in Dubai that caters to over 60 million users. The hackers allegedly took advantage of a routine transfer between digital wallets to steal approximately 401,000 Ethereum tokens. The Bureau anticipates that Lazarus will attempt to launder its stolen assets through various cryptocurrencies.
Alejandro Jose Martinez for TROIB News
Discover more Science and Technology news updates in TROIB Sci-Tech
