North Korea has reportedly amassed one of the largest Bitcoin reserves globally, trailing only the United States and the United Kingdom, according to recent reports. The regime is believed to control around 13,562 BTC, valued at approximately $1.14 billion, through its state-backed hacking groups.
A report by Binance News, citing blockchain analytics firm Arkham Intelligence, highlights North Korea’s growing cryptocurrency holdings, largely acquired through cyberattacks. The Lazarus Group, a notorious North Korean hacking syndicate, has been linked to several large-scale crypto heists. According to a joint statement by the US, South Korea, and Japan, North Korean-affiliated hackers stole $659 million in cryptocurrency in 2024 alone. The FBI further disclosed that the country was behind last month’s record-breaking theft of $1.5 billion in virtual assets.
Most of the stolen funds were originally in Ethereum before being converted into Bitcoin. Last week, reports revealed that at least $300 million of these stolen assets had been moved into unrecoverable funds, making recovery efforts nearly impossible.
North Korea’s cyber activities are believed to be a key revenue stream for its heavily sanctioned government. Intelligence sources suggest that funds from these illegal operations help finance the country’s ballistic missile and nuclear programs.
If confirmed, North Korea’s Bitcoin stash would rank third in national holdings, surpassing Bhutan (10,635 BTC) and El Salvador (6,117 BTC) but trailing the United States (198,109 BTC) and the UK (61,245 BTC). While El Salvador made Bitcoin legal tender in 2021—only to scale back the decision this year—Bhutan has focused on national Bitcoin mining operations.
With sanctions limiting its access to global financial systems, North Korea appears to be increasingly relying on cryptocurrency to sustain its economy and military ambitions.
