North Korea, Helped by Lazarus Group, Has Quietly Become One of the Biggest Bitcoin Holders

The attacker possessed around 13,518 BTCs as of this writing, worth $1.16 billion, according to on-chain analytics platform Arkham.

North Korea, aided by the notorious hacking syndicate Lazarus Group, has quietly become one of the biggest holders of Bitcoin (BTC), on-chain analytics platform Arkham revealed.

What Happened: The attacker possessed around 13,518 BTCs, amounting to $1.16 billion at press time.

The stash was more than double the amount held by El Salvador, the widely known Bitcoin-friendly nation.

Lazarus Group’s BTC stockpile has seen a massive increase since its $1.4 billion Ethereum (ETH) hack on cryptocurrency exchange Bybit.

Prior to Feb. 22, the syndicate owned 778 BTCs, which surged to about 14,000 by Mar. 4, suggesting that it mixed stolen funds into Bitcoin.

House Committee Favors Stablecoin Regulation To ‘Strengthen’ Dollar: Majority Whip Says CBDCs Against ‘American Values'

Why It Matters: Lazarus Group, a group of North Korean state-sponsored crypto hackers, is one of the most sophisticated on-chain operators globally.

U.S.-based agencies, such as the Federal Bureau of Investigation have warned against the North Korean hackers’ infiltration tactics to steal blue-chip cryptocurrencies like Bitcoin and Ethereum.

The U.S. government has also claimed that the unlawful proceeds from the thefts are used to fund North Korea’s weapons and missile program.

BTC Price Action: At the time of writing, Bitcoin was trading at $83,644.48, showing a 0.75% decrease in the last 24 hours, according to Benzinga Pro.