There are many ways to accumulate Bitcoin—some, like El Salvador and MicroStrategy, opt for steady accumulation through regular purchases. Others, such as Bhutan, focus on mining.

But then there’s the darker route: outright theft. And when it comes to cyber heists, North Korea reigns supreme, with its notorious Lazarus Group leading the charge.

Their latest feat? A staggering $1.4 billion hack on the Bybit exchange—a move that has propelled North Korea into the ranks of the world’s biggest Bitcoin holders, surpassing Bhutan and even El Salvador.

Leveraging on cybercrime as a Bitcoin goldmine

For years, North Korea has leveraged cyberattacks to fund its regime. The White House estimates that in 2022, nearly 50% of the country’s ballistic missile program was financed through the stolen cryptocurrency. This trend is showing no signs of slowing down.

On February 21, 2024, Lazarus orchestrated a major $1.4 billion exploit on Bybit. Within just 10 days, the group managed to launder the entire sum through DeFi protocols like THORChain.

This isn’t Lazarus’ first major operation. In the past, Lazarus group has conducted similar operations, including the $615 million hest from Ronin Network in 2022, or the $308 million DMM Bitcoin in 2023.

These attacks have become a key financial pillar for Kim Jong-un’s regime. Anne Neuberger, U.S. Deputy National Security Advisor said that these cyberattacks has been an indispensable economic funds for its military endeavours.

Despite all the sanctions, the freezing of assets and crackdowns that aim to curb North Korea's effort, but all these efforts has shown little to no signs of stopping all the cyber attacks.

A nifty shortcut that lands North Korea in the big leagues of Bitcoin holders

With 13,518 BTC, North Korea is no longer just a minor player in the crypto industry. In fact, the number of Bitcoin North Korea holds far surpasses those of many countries who has been infamous for holding Bitcoins, such as Bhutan and El Salvador.

Since its legal tender in 2021, El Salvador has been gradually but steadily accumulating its Bitcoin holdings. Similarly, Bhutan has been leveraging on its hydropower resources to build its holding of Bitcoin through Bitcoin mining.

However, North Korea still trails behind the leading country Bitcoin giants, such as the United States that holds 198,109 BTC,the United Kingdom, who holds 61,245 BTC, and China, who reportedly retains large amounts of BTC seized from fraudulent platforms.

But in the race to amass the most Bitcoin, you would really have to tip your hat off to North Korea for coming with such a ingenious shortcut that had landed the country at the front of the pack.