North Korea Now Third Largest Bitcoin Holder

• North Korea now holds 13,562 BTC after converting ETH to BTC.
• Its Bitcoin stash surpasses El Salvador and Bhutan.
• Ranks third globally among government Bitcoin holders.

After the recent Bybit attack, North Korea’s state-backed hacker group has made a significant move in the crypto space. The group converted a large amount of stolen Ethereum (ETH) into Bitcoin (BTC), resulting in a current holding of 13,562 BTC, valued at approximately $1.14 billion. This places North Korea ahead of El Salvador and Bhutan in terms of government-held Bitcoin.

El Salvador, known for its early adoption of Bitcoin as legal tender, holds around 6,117 BTC, while Bhutan possesses 10,635 BTC. North Korea’s leap in Bitcoin holdings highlights its increasing focus on cryptocurrency as a tool for evading international sanctions and financing operations.

Third Largest Government Holder of Bitcoin

With these new holdings, North Korea has become the third largest government entity in the world in terms of Bitcoin ownership. It now trails only behind the United States, which holds 198,109 BTC, and the United Kingdom, with 61,245 BTC. This shift underscores the significant role cryptocurrencies play in global finance and cyber warfare.

While countries like El Salvador embrace Bitcoin openly, North Korea’s involvement is primarily through cyberattacks and illicit activities. The Bybit attack is one of many operations carried out by North Korean hacking groups, often linked to the regime’s broader strategy to fund state initiatives.

As governments continue to explore digital assets, North Korea’s position in Bitcoin rankings raises concerns about the role of crypto in international security.