North Korea

North Korea's engagement with Bitcoin has been marked by a series of high-profile cyberattacks attributed to state-sponsored hacking groups, notably the Lazarus Group. These operations have targeted cryptocurrency exchanges and financial institutions worldwide, resulting in substantial acquisitions of Bitcoin. The regime's strategic focus on digital assets is believed to serve as a means to circumvent international sanctions and fund various state initiatives.

Recent Developments

• Bybit Exchange Hack (February 21, 2025): The Lazarus Group executed a significant cyberattack on the Bybit cryptocurrency exchange, resulting in the theft of approximately $1.5 billion in virtual assets. The stolen funds were rapidly converted into Bitcoin and other virtual assets, dispersed across thousands of blockchain addresses. The FBI identified North Korea as responsible for this theft. (reuters.com)

• Historical Cyberattacks: Prior to the Bybit incident, North Korean hackers were implicated in several major cryptocurrency thefts, including a $42 million Ethereum heist in 2019 and a $1.3 billion theft through various crypto hacks in 2024. (reuters.com, ft.com)