North Korea Surpasses El Salvador in BTC Holdings Post-Hack Shift

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North Korea Surpasses El Salvador in BTC Holdings Post-Hack Shift

  • North Korea now holds 13,518 BTC, surpassing El Salvador and Bhutan in global Bitcoin reserves after converting stolen Ethereum. 
  • Binance founder Changpeng Zhao teased North Korea’s reserve tactics, highlighting the unusual strategy in a post on social media platform X. 
  • Lazarus Group’s Bybit hack and crypto conversion played a key role in propelling North Korea to fourth in global Bitcoin holdings.

North Korea has officially overtaken Bhutan and El Salvador to become the fourth-largest holder of Bitcoin, based on newly surfaced crypto data. According to Arkham Intelligence, North Korea’s Lazarus Group now controls 13,518 BTC. This amount, valued at approximately $1.13 billion, was mostly converted from previously stolen Ethereum. 

The shift in global Bitcoin rankings occurred after the Lazarus Group executed a hack on the crypto exchange Bybit. The attackers reportedly stole $1.4 billion in Ethereum, a large portion of which has now been changed into Bitcoin.

Lazarus Group’s Role in North Korea’s Bitcoin Surge

The state-owned Lazarus Group which operates as a cybercrime organization from North Korea serves as the primary force responsible for the accumulation. Documents show Lazarus Group turned substantial funds of stolen ETH into Bitcoin during their operations. The decisive strategy upgraded North Korea’s position in global crypto asset rankings. 

Previously, El Salvador held 10,634 BTC, while Bhutan controlled 6,118 BTC. The latest data now places North Korea ahead of both nations.

Changpeng Zhao Reacts to North Korea’s BTC Move

Binance founder Changpeng Zhao posted a mysterious comment on the X social media platform regarding the news. Changpeng Zhao expressed his reaction through the social media post “Different ways to build a strategic crypto reserve” while adding a smiling emoji to show his blend of surprise and irony. 

Through Zhao’s social media post we learn that hacking has become one of the unconventional ways North Korea increases its Bitcoin holdings.Despite North Korea’s sudden climb, the United States continues to lead global Bitcoin holdings. 

The US reportedly controls 198,109 BTC, currently valued at $16.47 billion. China follows closely with 195,000 BTC, worth around $16.18 billion. 

The United Kingdom holds 61,245 BTC, totaling nearly $5.1 billion in reserves, ranking it third globally. The sudden shift in North Korea’s crypto strategy has raised new discussions in the digital currency community. Besides the Lazarus Group’s actions, comments from Zhao have intensified talks about North Korea’s potential interest in formal Bitcoin reserve planning.

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