North Korea Surpasses El Salvador, Bhutan in Bitcoin Success

North Korea Surpasses El Salvador, Bhutan in Bitcoin Success

North Korea surpasses Bhutan and El Salvador in Bitcoin reserves, largely fueled by cyberattacks, raising concerns over its geopolitical crypto strategy.

This development raises concerns about the role of cybercrime in state-backed financial strategies. With North Korea amassing over $1.12 billion in BTC, experts warn of increased crypto-funded illicit activities, from weapons programs to sanctions evasion.

North Korea Surpasses Bhutan and El Salvador in Bitcoin Reserves

Following the Bybit hack that netted $1.4 billion, North Korea now holds more Bitcoin than both Bhutan and El Salvador, positioning itself among the largest nation-state holders of BTC. The Lazarus Group, a notorious North Korean state-backed hacker collective, has long used cyberattacks as a means to amass crypto wealth.

According to on-chain data, Lazarus Group currently controls 13,518 BTC, valued at approximately $1.12 billion. This surpasses Druk Holdings Bhutan’s 10,635 BTC and El Salvador’s 6,118 BTC. Unlike these nations, which acquire Bitcoin through mining and legal purchases, North Korea’s holdings primarily stem from large-scale crypto heists.

Lazarus Group's wallet portfolio statistics, updated on March 17, 2025. Source: Arkham Intelligence
Lazarus Group’s wallet portfolio statistics, updated on March 17, 2025. Source: Arkham Intelligence

The Bybit Hack: Lazarus Group’s Latest Crypto Heist

The February 2025 Bybit hack, attributed to Lazarus, set a record as the largest crypto exploit to date. The group reportedly swapped a significant portion of the stolen ETH into BTC using THORChain and other DeFi protocols to obscure transaction trails. This tactic has been a recurring strategy in previous hacks, including the $615 million Ronin Network breach and the $308 million DMM Bitcoin attack.

Beyond Bitcoin, Lazarus Group still holds over $30 million in other digital assets, including ETH, BNB, and stablecoins. These illicit crypto reserves continue to fuel North Korea’s economy despite global sanctions and efforts to curb its cyber-financed activities.


The Global Bitcoin Race: Strategic Reserves vs. Cyber Accumulation

While North Korea surpasses Bhutan and El Salvador in BTC reserves, it still lags behind global leaders. The United States remains the largest Bitcoin-holding nation, with 207,189 BTC (~$17.33 billion), followed closely by China with 194,000 BTC. The U.K., with 61,000 BTC, has also amassed substantial holdings, primarily through asset seizures.

List of 10 countries with the largest amount of Bitcoin, taken on March 17, 2025. Source: Bitcoin Treasuries by BiTBO
List of 10 countries with the largest amount of Bitcoin, taken on March 17, 2025. Source: Bitcoin Treasuries by BiTBO

Notably, North Korea’s rapid BTC accumulation before the U.S. launched its Strategic Bitcoin Reserve (SBR). This raises questions about Pyongyang’s long-term crypto strategy—whether it sees Bitcoin as a geopolitical asset or simply a tool for evading sanctions. With the U.S. formalizing its BTC reserves, North Korea’s crypto-funded operations could become an increasing focal point in global financial and security discussions.

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