The FBI has accused Pyongyang of orchestrating a $1.5 billion cryptocurrency heist
North Korea is estimated to be the world’s third-largest holder of bitcoin, The Times reported on Tuesday.
The US has accused Pyongyang of masterminding a $1.5 billion digital asset heist and claimed that nearly half of North Korea’s foreign currency income comes from “malicious cyber activities.”
The country has endured stringent economic sanctions that hinder its participation in international trade for decades. In order to secure resources for its defense programs, based on the need for a robust military ad a nuclear deterrent, Pyongyang has resorted to innovative strategies, including crypto, to circumvent the restrictions.
The ranking stems from an analysis by Arkham Intelligence, a firm that employs AI to trace ownership of anonymous crypto wallets. Arkham estimates that the Lazarus Group – a hacking collective allegedly linked to the North Korean government – holds around $1.2 billion in bitcoin. By comparison, it estimates US bitcoin assets to be worth over $17 billion, and those of the UK at over $5 billion.
READ MORE: FBI accuses North Korea of largest crypto hack in history
Last month, the FBI accused the Lazarus Group of stealing approximately $1.5 billion worth of digital currency from Bybit, a Dubai-based cryptocurrency exchange serving over 60 million users. The hackers reportedly exploited a routine transfer between digital wallets to abscond with around 401,000 Ethereum tokens. The Bureau said it was expecting Lazarus to launder its ill-gotten gains through various cryptocurrencies.
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