Lazarus Group's Stolen Bitcoin Surpasses Bhutan and El Salvador
North Korea’s state-sponsored hacking group, Lazarus, now holds 13,518 BTC (worth approximately $1.13 billion), making it one of the largest nation-state Bitcoin holders, surpassing Bhutan (10,635 BTC) and El Salvador (6,118 BTC).
Bybit Hack Boosts North Korea’s Bitcoin Reserves
The surge in North Korea’s BTC holdings stems from the $1.4 billion Bybit hack on February 21, 2025, the largest-ever attack on a crypto exchange. Following the hack, Lazarus swapped a substantial portion of the stolen ETH for BTC using DeFi protocol THORChain.
This is just one in a series of high-profile cyberattacks by Lazarus, including:
- $308 million hack of Japanese firm DMM Bitcoin (2024)
- $615 million Ronin Network exploit (2022)
North Korea’s Growing Crypto War Chest
Aside from Bitcoin, Lazarus Group also holds $30 million in other cryptocurrencies, including Ethereum, BNB, DAI, and BUSD.
Despite sanctions, North Korea continues funding nearly half of its weapons program through crypto thefts, according to a 2023 White House report. Meanwhile, the U.S. remains the largest BTC holder (198,109 BTC), preparing to build a strategic Bitcoin reserve using seized crypto assets.
