🚨 North Korea’s Crypto Vault: The Secret Stash 🚨
- North Korea now holds 13,562 BTC, worth $1.14 billion, surpassing Bhutan and El Salvador
- 50% of North Korea’s weapons program is being funded through crypto thefts
It’s a bit like a bad joke: “Why did North Korea’s Bitcoin stash go to the party?” “Because it was a blockbuster!” Ah, but seriously, folks, North Korea has been quietly amassing a rather impressive Bitcoin collection. In fact, they’ve surpassed Bhutan and El Salvador in the global rankings of government-held Bitcoin reserves.
This surge in crypto wealth comes on the heels of a rather… shall we say, “creative” cyberattack on the Bybit cryptocurrency exchange. The Lazarus Group, a state-backed hacking collective, pulled off the heist, and the spoils were substantial. The group converted the stolen Ethereum into Bitcoin, amassing 13,562 BTC valued at approximately $1.14 billion, according to Arkham Intelligence.
Is North Korea’s crypto vault bigger than El Salvador’s?
Well, it looks like North Korea has finally surpassed El Salvador in the Bitcoin stakes. But don’t worry, folks, the United States is still the largest Bitcoin holder, with a whoppin’ 198,109 BTC (~$16.56 billion). The United Kingdom follows suit with 61,245 BTC (~$5.1 billion). North Korea now ranks as the third-largest government entity holding Bitcoin. Silver linings, eh?
The group executed these transactions using decentralized protocols, including THORChain, to obscure the movement of illicit funds. It’s like trying to find a needle in a haystack, but the needle is a bunch of crooks and the haystack is a blockchain.
“Follow the money”— but where does it lead?
On 13 March, blockchain security firm CertiK detected a deposit of 400 ETH to Tornado Cash. The deposit, worth $750,000, was linked to Lazarus Group’s activities. This method helps them cover their tracks before cashing out stolen funds. It’s like a game of cat and mouse, but with more cats and less mouse.
On the contrary, Bhutan’s Bitcoin reserves of 10,635 BTC were acquired through state investments in mining and strategic purchases. Ah, the sweet taste of legitimacy!
Can the United States stop this?
The growing Bitcoin reserves of North Korea have serious global implications. A 2023 White House report stated that North Korea funds around 50% of its weapons of mass destruction (WMD) and missile programs using cybercrime and cryptocurrency thefts. It’s like a bad joke, but with real-world consequences.
U.S authorities are actively working to freeze and seize North Korean assets. However, due to the decentralized nature of blockchain transactions, stopping these operations has been a challenge. It’s like trying to hold water in your hand – it just slips right through.
Sanctions vs. cybercrime
Meanwhile, the United States is considering establishing a Strategic Bitcoin Reserve using assets seized from criminal investigations and civil forfeitures. If implemented, this would further solidify Bitcoin’s role in global financial strategies. It’s like a game of chess, but with more pawns and less checkmates.
North Korea’s growing Bitcoin holdings highlight how cybercrime has become an economic weapon. Despite international sanctions, the Lazarus Group continues to evolve its techniques, making it harder for authorities to intercept stolen funds. It’s like trying to catch a ghost – but with more Bitcoin and less ectoplasm.
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2025-03-18 09:15