Bybit News: North Korea Surpasses El Salvador in Bitcoin Holdings Following Major Hack

In a surprising twist, a recent hack on the cryptocurrency exchange Bybit has led to North Korea overtaking El Salvador in terms of Bitcoin holdings. Here’s what you need to know.

North Korea Passes El Salvador in Bitcoin Holdings After $1.4B Hack

North Korea has surpassed El Salvador in total Bitcoin holdings after a $1.4 billion hack on Bybit. The Lazarus hacker group, which is believed to be affiliated with North Korea, currently holds 13,518 BTC. This is more than the governments of El Salvador, which holds 10,635 BTC, and Bhutan, which holds over 6,000 BTC. The Lazarus group completed the theft in February, propelling the nation’s Bitcoin holdings. Both El Salvador and Bhutan have sought to integrate Bitcoin into their financial operations.

North Korea Surpasses El Salvador in Bitcoin Holdings, Fueled by Bybit Hack

North Korea’s Bitcoin holdings now surpass those of El Salvador and Bhutan after the Lazarus hacker group converted stolen assets from the Bybit hack into Bitcoin. Arkham data as of March 17 shows Lazarus, responsible for the record $1.5 billion Bybit hack, converted the stolen Ether to 13,518 Bitcoin (worth $1.14 billion). These holdings contribute to North Korea’s funding of its weapons programs.