Lazarus Group Now Holds More Bitcoin Than El Salvador, Bhutan

Edyme

March 17, 2025

Arkham Intelligence data reveals that North Korea’s Lazarus Group currently holds 13,518 BTC, worth $1.13 billion

North Korea's Lazarus Group has become one of the largest nation-state holders of Bitcoin, surpassing El Salvador and Bhutan, according to Arkham Intelligence.

The hacker group’s BTC reserves surged to 13,518 BTC ($1.13 billion) following the $1.4 billion Bybit hack, making it one of the most significant state-affiliated crypto holders.

Background

Arkham Intelligence data reveals that North Korea’s Lazarus Group currently holds 13,518 BTC, worth approximately $1.16 billion.

This places North Korea ahead of Bhutan (10,635 BTC) and El Salvador (6,118 BTC) in terms of Bitcoin reserves.
Bhutan’s holdings come from its domestic Bitcoin mining operations, while El Salvador has steadily accumulated BTC since making it legal tender in 2021.
The recent Bybit hack on February 21, considered the largest-ever exchange exploit, played a key role in boosting North Korea’s BTC reserves.
Following the $1.4 billion Bybit exploit, Lazarus Group swapped a large portion of the stolen Ethereum for Bitcoin, largely using DeFi protocol THORChain.
Lazarus has a history of large-scale crypto thefts, including:

$615 million stolen from Ronin Network (2022)

$308 million hack on DMM Bitcoin (2023)

Apart from Bitcoin, Lazarus Group also holds $30 million worth of other cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB), DAI, and BUSD.

Why should you pay attention?

North Korea’s crypto holdings are growing at an alarming rate, with stolen funds being used to evade sanctions and fund government programs.
Despite global crackdowns, Lazarus continues to exploit crypto exchanges and DeFi protocols, raising serious security concerns.
THORChain was used as a major laundering route, highlighting how decentralized finance (DeFi) can be misused for illicit fund transfers.
U.S. officials have previously warned that North Korea funds up to 50% of its weapons of mass destruction (WMD) program using stolen crypto, making these attacks a national security threat.
This further raises the urgency for stronger crypto regulations and improved cybersecurity measures across exchanges and DeFi protocols.

Who said what?

A White House official in 2023 warned about North Korea’s crypto-driven funding, stating:

“Around half of North Korea’s WMD and missile programs are financed through cyberattacks and cryptocurrency theft.”

Zooming out

The U.S. remains the largest known Bitcoin holder, with 198,109 BTC ($16.5 billion), as it prepares to build a strategic Bitcoin reserve using assets seized from criminal and civil cases.
The U.K. holds the second-largest national Bitcoin reserve, with 61,245 BTC, further highlighting nation-states' growing involvement in crypto holdings.
North Korea’s rise in Bitcoin ownership highlights the role of crypto in geopolitics, where nation-states, sanctioned regimes, and criminal organizations compete for digital financial power.
Decentralized finance (DeFi) platforms like THORChain face increasing scrutiny, as bad actors continue to exploit them for illicit transactions.
The Lazarus Group's continued success in high-profile hacks raises concerns about cybersecurity weaknesses, pushing for stronger defense measures from crypto exchanges and DeFi protocols.