North Korea's Lazarus Group Amassed $1.13 Billion in Bitcoin After Bybit Hack

North Korea has emerged as a major Bitcoin holder, surpassing Bhutan and El Salvador, largely due to cybercrime. Data from Arkham Intelligence reveals that the Lazarus Group, a North Korean hacking entity, holds 13,518 BTC, valued at approximately $1.13 billion. This surge is attributed to a $1.4 billion exploit on the Bybit exchange on February 21. The group converted a significant portion of stolen Ether into Bitcoin via DeFi protocol THORChain. Lazarus also possesses around $30 million in other cryptocurrencies. The United States remains the largest Bitcoin holder with 198,109 BTC. North Korea reportedly funds a significant portion of its weapons programs through cyberattacks and cryptocurrency theft.