North Korea-Linked Lazarus Group Holds More Bitcoin Than Elon Musk's Tesla
The Lazarus Group, a hacking collective closely tied to North Korean cyber activities, has amassed an impressive fortune in cryptocurrency - surpassing even the electric car manufacturer led by Elon Musk, Tesla. According to data from Arkham Intelligence, Lazarus holds 13,441 BTC worth approximately $1.14 billion, dwarfing Tesla's bitcoin stash of 11,509 BTC.
The stark contrast between the two entities emerged as President Donald Trump reaffirmed his commitment to making the U.S. the "undisputed Bitcoin superpower and the crypto capital of the world." This ambitious goal is set to be tested against the backdrop of a Lazarus Group, which has consistently demonstrated its prowess in the world of cryptocurrency hacking.
Last month, the Lazarus Group struck crypto exchange Bybit, siphoning off $1.4 billion in ether (ETH) from the platform. Some of these stolen funds have since been converted into bitcoin, with 12,836 BTC distributed across 9,117 unique wallets, as confirmed by Bybit's CEO Ben Zhou.
Tesla acquired its bitcoin stash four years ago and has since been HODLing (holding onto) ever since. The electric car manufacturer now ranks as the world's fourth-largest publicly listed company in terms of BTC holdings. The striking disparity between Tesla's fortunes and those of Lazarus Group raises questions about how corporations will respond to being overshadowed by a North Korean hacker.
Against this intriguing backdrop, it is essential to examine the context surrounding Trump's recent comments on cryptocurrency. His unwavering support for the U.S. becoming a leading player in the global crypto market may galvanize more nations and companies to embrace digital currencies.
The Strategic Reserve: U.S. Government Holds Significant BTC Holdings
Interestingly, the U.S. government holds 198,109 BTC worth over $16 billion, representing coins seized during enforcement actions. Trump recently announced this reserve as a strategic asset, underscoring the growing importance of cryptocurrency in global affairs.
The Rise and Evolution of Cryptocurrency
Throughout its journey, cryptocurrency has witnessed rapid growth and evolution. As countries and corporations increasingly invest in digital currencies, the implications for global markets and economies will be significant. The ongoing saga between Lazarus Group and Tesla serves as a microcosm of this trend - highlighting both the challenges and opportunities that lie ahead.
About the Author: Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team, based in Mumbai. He holds a master's degree in Finance and is a Chartered Market Technician (CMT) member. Prior to joining CoinDesk, Omkar worked at FXStreet, where he penned research articles on currency markets and served as a fundamental analyst for the company's currency and commodities desk.
Omkar also holds small amounts of bitcoin, ether, BitTorrent, tron, and dot - demonstrating his personal commitment to cryptocurrency.