Jakarta, Pintu News – A significant increase in the amount of Bitcoin held by North Korea’s Lazarus group has attracted global attention. With total holdings now reaching 13,562 BTC (approximately $1.14 billion), North Korea has surpassed Bhutan and El Salvador in terms of the amount of Bitcoin held by a country.
This phenomenon raises questions about its impact and the strategies that other countries might adopt to deal with the situation.
North Korea, through the cyber group Lazarus, has managed to amass a significant amount of Bitcoin. This drastic increase occurred after they managed to hack into the Bybit exchange platform, which resulted in them gaining access to a large amount of Bitcoin. With holdings totaling over a billion dollars, North Korea is now one of the major players in the global Bitcoin ecosystem.
Not only does this possession demonstrate North Korea’s power in the cyber domain, but it also raises global concerns regarding the potential use of Bitcoin in funding unauthorized activities. The country has used its cyber capabilities to raise significant funds, which could affect global financial stability.
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The Lazarus group is known for their ability to launder the proceeds of cybercrime. They use sophisticated techniques to convert stolen Ethereum into Bitcoin, utilizing decentralized protocols like THORChain to disguise the flow of funds.
This technique allows them to hide the origin of the funds before eventually cashing them out. On March 13, a blockchain security firm, CertiK, detected a deposit of 400 ETH into Tornado Cash worth $750,000, which was attributed to the activities of the Lazarus group. This method is part of their strategy to eliminate traces before converting the funds into a more liquid and difficult to trace form.
North Korea’s increase in Bitcoin reserves has serious implications for global security. The United States, as the largest holder of Bitcoin with 198,109 BTC (approximately $16.56 billion), is considering strategies to counter this threat. One proposal under consideration is the establishment of a United States Strategic Bitcoin Reserve, which would use assets seized from criminal investigations and civil forfeitures.
The initiative aims to strengthen Bitcoin’s role in global financial strategies and as a preventive measure against the misuse of cryptocurrencies in illegal activities. As such, the United States seeks to minimize the negative impact of increased Bitcoin reserves by countries such as North Korea.
North Korea has shown how cybercrime can be a powerful economic weapon, despite international sanctions. By continuing to develop their techniques, the Lazarus group is challenging global efforts in the fight against cybercrime.
North Korea’s large Bitcoin holdings not only raise security concerns, but also emphasize the importance of international cooperation in addressing the issues of cybercrime and money laundering.
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Check it out! North Korea’s Bitcoin Reserves Surpass El Salvador and Bhutan – Pintu
