Bitcoin’s role in global finance continues to expand—but not always for the right reasons. North Korea has now emerged as the third-largest government holder of Bitcoin, raising major concerns about cybersecurity, economic sanctions, and crypto’s use in illicit activities. According to recent reports, the North Korean government has amassed 13,562 BTC, valued at approximately $1.14 billion. This puts them ahead of El Salvador (6,117 BTC) and Bhutan (10,635 BTC)—countries that have legally embraced Bitcoin—as North Korea’s holdings continue to grow through state-sponsored hacking and cybercrime.
How Did North Korea Acquire So Much Bitcoin?
Unlike other nations investing in Bitcoin for treasury reserves or economic policy, North Korea’s BTC stockpile comes almost entirely from cyber theft. The country’s infamous state-backed hacking group, Lazarus, has been responsible for some of the biggest crypto heists in history, stealing billions from exchanges, decentralized finance (DeFi) platforms, and unsuspecting users.
One of the largest recent attacks came in February 2025, when Lazarus targeted the Dubai-based exchange Bybit, executing a $1.5 billion crypto heist. The stolen funds, initially in Ethereum (ETH), were later converted into Bitcoin, boosting North Korea’s BTC reserves. Other major attacks linked to the group include:
$620 million stolen from Axie Infinity’s Ronin Network (2022)
$234.9 million stolen from WazirX, an India-based exchange (2024)
Over 61% of all crypto stolen in 2024 traced back to Lazarus
Why Does North Korea Hoard Bitcoin?
North Korea’s embrace of cryptocurrency isn’t about digital innovation—it’s about survival. The country has been under heavy economic sanctions from the United Nations and the United States for years, limiting its access to traditional financial systems. Crypto offers a way to:
Bypass sanctions and access international markets
Fund government operations without relying on banks
Launder stolen funds through decentralized finance (DeFi) and crypto mixers