North Korea World’s 3rd Largest Bitcoin Holder, According to Report

North Korea has been revealed as the world's third-largest holder of bitcoin, a shocking revelation that sheds light on the secretive regime's latest move to circumvent international sanctions and secure resources for its defense programs. The Times reported on Tuesday that an analysis by Arkham Intelligence, a firm employing AI technology to track anonymous crypto wallet ownership, estimates North Korea to hold approximately $900 million in bitcoin.

The US government has long accused Pyongyang of being behind a series of high-profile cyber attacks and digital heists, with the latest alleged incident involving the Lazarus Group – a hacking collective allegedly linked to the North Korean government. According to FBI reports, the group stole around $1.5 billion worth of digital currency from Bybit, a Dubai-based cryptocurrency exchange serving over 60 million users. The hackers exploited a routine transfer between digital wallets to abscond with approximately 401,000 Ethereum tokens.

North Korea has long struggled under stringent economic sanctions that have severely hindered its participation in international trade for decades. To counter this, the country has turned to innovative strategies, including cryptocurrency, to secure resources and fuel its defense programs. The Lazarus Group's alleged Bitcoin heist is believed to be part of a larger scheme to launder ill-gotten gains through various cryptocurrencies.

The reported ranking of North Korea as the world's third-largest bitcoin holder comes with significant implications for global security and anti-money laundering efforts. Arkham Intelligence estimates that the group holds around $1.2 billion in bitcoin, dwarfing other major players like the US and the UK. The UK is estimated to hold assets worth over $5 billion, while the US boasts an estimated $17 billion in bitcoin.

With tensions between North Korea and the international community on the rise, this revelation serves as a stark reminder of the regime's cunning tactics to evade sanctions and stay ahead of the curve. As the global cryptocurrency landscape continues to evolve, one thing is clear: North Korea's involvement will be closely watched by governments, law enforcement agencies, and the financial community alike.