The FBI has alleged that Pyongyang orchestrated a cryptocurrency theft of $1.5 billion
North Korea is believed to possess the third-largest Bitcoin holdings globally, according to a report by The Times on Tuesday.
The United States has accused North Korea of being behind a $1.5 billion digital asset theft and alleges that nearly 50% of the nation’s foreign currency revenue is derived from “malicious cyber activities.”
Due to decades of strict economic sanctions that impede its involvement in international commerce, Pyongyang has adopted unconventional methods to obtain resources for its defense initiatives, emphasizing the necessity of a strong military and nuclear deterrent, including using cryptocurrency to bypass these limitations.
The ranking is based on an analysis by Arkham Intelligence, which uses AI to track the ownership of anonymous crypto wallets. Arkham estimates that the Lazarus Group, a hacking group with alleged ties to the North Korean government, possesses approximately $1.2 billion in Bitcoin. In comparison, it estimates US Bitcoin assets to be worth over $17 billion, and those of the UK at over $5 billion.
Last month, the FBI accused the Lazarus Group of stealing about $1.5 billion in digital currency from Bybit, a cryptocurrency exchange based in Dubai with over 60 million users. The hackers are said to have taken advantage of a standard transfer between digital wallets to steal roughly 401,000 Ethereum tokens. The FBI anticipated that Lazarus would launder the stolen funds through different cryptocurrencies.
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