In the shadows, North Korea is making its moves in the cryptocurrency market. To date, the country holds 13,580 bitcoins (approximately $1.13 billion), 13,696 ethers (around $26 million), and numerous other altcoins, according to Arkham Intelligence.
Unlike some countries that hold cryptocurrencies from judicial cases (United States, United Kingdom), purchase them (El Salvador), or mine them (Bhutan), North Korea's cryptocurrencies primarily stem from hacking activities. The North Korean group Lazarus has specialized in hacking crypto platforms on behalf of the government.
In 2023, North Korean hackers stole $660.5 million worth of cryptocurrencies, compared to $1.34 billion in 2024, according to Chainalysis. The thefts by Lazarus allow North Korea to be the fifth largest holder of bitcoins, behind the United States, China, the United Kingdom, and Ukraine. North Korea holds more bitcoins than Bhutan (13,029 bitcoins) and El Salvador (6,089 bitcoins), where the government continues to purchase bitcoins despite changes to the "Bitcoin Law" mandated by the IMF in 2024, ending the legality of bitcoin in El Salvador.
