North Korea’s Bitcoin Bonanza: How They Became Crypto Kings Overnight!

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In a twist that could only be described as a cosmic joke, North Korea has somehow managed to amass over $1 billion worth of Bitcoin (BTC). This astonishing feat followed the recent hack of the crypto exchange Bybit, which, in a fit of generosity, decided to part with over $1.5 billion from its wallets. Who knew that hacking could be so lucrative? 💰

North Korea: The Unlikely Bitcoin Tycoon

Enter the Lazarus Group, North Korea’s very own band of digital misfits, who have now become one of the largest Bitcoin holders in the universe (or at least in the known universe). After the Bybit hack on February 21, they’ve been raking in crypto like it’s going out of style. Arkham data reveals that this group has accumulated a staggering 13,518 Bitcoin, valued at a jaw-dropping $1.15 billion. Most of these shiny coins were added just last month, because why not? 🎉

From February 22 to February 24, the Lazarus group decided to go on a shopping spree, adding around 13,000 BTC to their collection. They held over 14,000 Bitcoin, valued at approximately $1.5 billion, until just last week. Talk about a digital treasure hunt! 🏴‍☠️

For those keeping score at home, Bybit, one of the largest crypto exchanges, suffered the largest exploit on record almost a month ago. The Dubai-based exchange lost a staggering $1.5 billion in Ethereum (ETH) to the North Korean hacking group, as revealed by the ever-watchful US Federal Bureau of Investigation (FBI) and various security platforms. Who knew that the FBI had a side gig in crypto drama? 🎭

The hackers, in a display of creativity, began laundering their ill-gotten gains through various platforms, bridging around 400,000 ETH to Bitcoin via THORchain by March 3. As the blockchain intelligence platform TMR so eloquently put it, “The North Koreans finished the initial phase of laundering the proceeds of the Bybit hack.” Because nothing says “I’m innocent” like moving stolen funds to new addresses! 🕵️‍♂️

As a result, North Korea’s crypto stash has now surpassed other Bitcoin-holding nations like El Salvador and Bhutan, which possess a mere 6,118 BTC and 10,634 BTC, respectively. Meanwhile, the US and the UK are still sitting pretty with their 198,109 BTC and 61,245 BTC. But hey, who’s counting? 🤷‍♂️

Strategic BTC Reserve Funded By Exploits?

Binance co-founder Changpeng Zhao, affectionately known as CZ, couldn’t resist commenting on this bizarre turn of events. He took to X to joke about North Korea being the third-largest nation holding Bitcoin, suggesting they might be building a Strategic Bitcoin Reserve (SBR) in their own unique way. Because why not? 😂

“Different ways to build a strategic crypto reserve,” CZ quipped, pointing out that, unlike the top-holding governments that acquired BTC through legitimate means, North Korea has taken a more… unconventional approach. But who are we to judge? 🤔

Nonetheless, many in the community are raising an eyebrow at CZ’s suggestion, especially with the global push to establish crypto asset reserves at a national level. In a related note, US President Donald Trump recently signed an executive order to create an SBR with the nation’s seized BTC and a “Digital Asset Stockpile.” Because nothing says “I’m in control” like a digital hoard! 🏦

This initiative has garnered significant support from Republican lawmakers, who are busy introducing legislation to codify the President’s executive order and establish crypto reserves at both national and state levels. Meanwhile, other countries are still scratching their heads over the whole idea. 🤷‍♀️

Recently, the Swiss National Bank (SNB) Chief rejected the notion of adding BTC to its national reserves, citing its price fluctuations as a major concern. And who can blame them? It’s like trying to catch a greased pig at a county fair! 🐖

Similarly, The Bank of Korea (BOK) recently revealed that it has “neither discussed nor reviewed the possible inclusion of

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2025-03-18 09:43