North Korea may now hold the third-largest national Bitcoin reserve in the world, according to a recent report by Binance News, citing blockchain analytics firm Arkham Intelligence.
The totalitarian regime is believed to have amassed 13,562 BTC, worth approximately $1.14 billion, largely through state-sponsored cyberattacks.
This would place North Korea just behind the United States and United Kingdom, which reportedly hold 198,109 BTC and 61,245 BTC, respectively.
This development was reported by The Korea Herald.
Bitcoin Built on Cybercrime
The report attributes much of North Korea’s crypto wealth to a string of high-profile cryptocurrency hacks—including thefts linked to Lazarus Group, a notorious cybercrime syndicate widely believed to operate under the direction of Pyongyang’s intelligence services.
In 2024 alone, Lazarus and affiliated groups allegedly stole $659 million in cryptocurrency, according to a joint statement issued by the United States, South Korea, and Japan.
The FBI recently upped the figure, stating North Korea was responsible for roughly $1.5 billion in stolen virtual assets, in what has been described as the biggest crypto hacking wave to date.
Much of the stolen Ethereum was reportedly converted into Bitcoin, making it harder to trace and recover. At least $300 million is believed to have already been laundered into unrecoverable funds.
Cryptocurrency as Sanctions Workaround
North Korea’s pursuit of cryptocurrency, analysts say, is not just about profit—it’s a strategic tool for evading the crippling sanctions placed on the regime for its nuclear weapons program.
“Cryptocurrency theft has become a central pillar of North Korea’s sanctions-evasion strategy,” a cybersecurity expert told The Korea Herald.
The funds are reportedly funneled directly into the country’s ballistic missile development and nuclear testing efforts, helping to circumvent international restrictions on trade and finance.
If confirmed, North Korea's bitcoin holdings would rank third globally—behind only the United States with 198,109 BTC and the United Kingdom with 61,245 BTC, according to Binance estimates.
This would surpass Bhutan’s 10,635 BTC and El Salvador’s 6,117 BTC.
El Salvador officially adopted bitcoin as legal tender in 2021, though the government scaled back the policy earlier this year. Bhutan, meanwhile, is actively pursuing national-level bitcoin mining operations.
