North Korea holds 13,562 making the government the third largest Bitcoin holders

[takuma sato]

These are just speculations, I don't like the way the media spread information about North Korea. There is a reason why thag country try as much as possible doesn't want to associate with the rest of the world and if it's Bitcoin, those Lazarus are possibly some group of people and may not be related to North Korea but because North Korea is been fame by the western countries of their lack of democracy and dictatorship, they make it looks like they are the one.

Not even an organization like FBI and CIA with special intelligence has said the relationship between Lazarus and North Korea. The country is run by people and most of the Bitcoin they claimed to be hack by them, they know it's for people and not from another government. I'm not sure a leader will want to go around stealing Bitcoin just to prove something to her people and in sure even UN and other organizations will be worried about the funds so they fuel their nuclear weapons.

Media mostly portrays North Korea negatively and it is possible that Lazarus Group well known hacking group is not directly connected to North Korean government. However FBI has linked North Korea to massive Bitcoin hack worth $1.5 billion which they call "TraderTraitor". Reports also show that North Korea now holds significant amount of Bitcoin. This raises important point that country may use stolen cryptocurrency to fund its military and nuclear programs. By the way North Korean government might not be directly involved in Bitcoin hacking evidence suggests possible connection between Lazarus Group and North Korean regime. It is important to carefully evaluate these claims and consider multiple sources before forming opinion.

The media portrays North Korea negatively because there is nothing positive to report about North Korea basically. So it doesn't matter if you think the media is propaganda or not, North Korea is just a terrible regime. Even if some news may be exaggerated sometimes, the propaganda that exaggerates these news will be more often than not more accurate than the North Korea apologetic which are the same that also stand with Russia. The usual suspects.
In this case, if NK is profiting from ramsonware, it isn't a great look for Bitcoin. We just had the SEC havin a meeting on digital assets like a few days ago and someone was bringing the point of ransomware. They reported how ramsonware is at all time highs and the new paradigm for this is basically crypto, and that is the truth. What they should explain is that thanks to BTC a lot of people can save their savings from being decimated by these regimes, at least the ones with internet connection like Venezuela, so basically, it is a double edged sword, and that is how it should be explained. Trying to paint the bad usage of BTC always as some sort of conspiracy isn't realistic.

[arabspaceship123]

It's impossible to get any verified info from North Korea because it's secretive. It's the reason journalists say things but there isn't any fact behind it because they're going by guesses. We shouldn't believe the words of journalists unless there's stats for their work.

It's hard to get information about the country of North Korea, it's very secretive. There won't be any media willing to go there unless it just continues to be a rumor.

[arwin100]

It's impossible to get any verified info from North Korea because it's secretive. It's the reason journalists say things but there isn't any fact behind it because they're going by guesses. We shouldn't believe the words of journalists unless there's stats for their work.

It's hard to get information about the country of North Korea, it's very secretive. There won't be any media willing to go there unless it just continues to be a rumor.

Actually its really hard to find that information and usually they are not usually disclosing anything in public regarding to what real situation happening in their country especially on their finances.

What we can usually see is those hacking incident which is related to them and maybe those numbers has been count by certain investigator or speculators that's why they come up with those figure and think about that they are holding such huge volume.

Anyways I don't know what will be the effect of having that volume since North Korea is not open in their participation on Bitcoin and crypto. So provably what's going to happen there is they would dump those balances once they need immediate money to buy some resources for their country.

[arabspaceship123]

It's why I'm saying we shouldn't accept every part of info journalists report. It's about North Korea they're a secret society so how did the journalist get the info about the bitcoins. They don't saying any thing in public to journalists about their finances.

Actually its really hard to find that information and usually they are not usually disclosing anything in public regarding to what real situation happening in their country especially on their finances.

What we can usually see is those hacking incident which is related to them and maybe those numbers has been count by certain investigator or speculators that's why they come up with those figure and think about that they are holding such huge volume.

Anyways I don't know what will be the effect of having that volume since North Korea is not open in their participation on Bitcoin and crypto. So provably what's going to happen there is they would dump those balances once they need immediate money to buy some resources for their country.

[khiholangkang]

[...] and the last of their target was bybit which was the biggest hack so far in the history of Crypto inception.
Snip

I am not sure that it will be the last target of Lazarus, maybe there are many more targets they are examining their weaknesses and will rob the wealth of people in their potential lin that has a much greater potential.

Google tells me that the hacker group in the article (Lazarus Group) is allegedly run by North Korean government. Considering the source is US justice department, I wouldn't use that as a strong reason. So speculation on how much bitcoin the government of NK has is a bit weird based on this weak link.

With that said, if it is true then it is a weird and funny way of accumulating bitcoin at a governmental level and I hope it doesn't become like a trend because if others like Chinese or US government start doing it then centralized services will be in a lot of trouble
Although at the same time it could be a good thing because that would push people to migrate to decentralized services like DEX and that's a push we'd welcome

The truth is supported by the North Korean government indeed sounds real, because the North Korean government does not search for arrests for the person behind Lazarus, we see that the Bybit case yesterday the suspect could be uploaded to the media and it could be the basis for Korea to help to search in its citizens, but the fact was not even indifferent to that information.

We always welcome the idea of ​​decentralization very well, yes we can only hope that people can learn better than any mistakes like this which is a reminder that Bitcoin if saved in exchange or third party will be very possible  fraud.

[NAZAR2242]

The information that North Korea owns 13,562 bitcoins looks doubtful. Although there is evidence that the country is indeed engaged in cyber attacks and possibly accumulating cryptocurrency to circumvent sanctions, there is no confirmed data on such a number of bitcoins, as far as I know. Most likely, these are rumors or speculations. If true, it highlights how cryptocurrencies can be used to finance isolated regimes.

[tabas]

They have been disconnected to the whole world and only have a few allies near to them, China and Russia. And just like the two allies they've got, they are free to do whatever they want to their people and get involved and support these kinds of activities if that is one means of them getting a larger pool of funds. These citizens they have that are working for them, if they go against to their supreme leader that asks them to do this, they're dead together with their loved ones and that's based on the stories that I've watched.

They have limited allies and if they want to sell their bitcoins, they have to do it secretly and ilegally too. They can not publicly announce that they sell stolen bitcoins and cryptocurrencies to either China or Russia government. They will never announce it and they will try to use mixers before finishing their trade deals with either China or Russia government.

They won't announce it because they don't have to and if they will sell, they can do it anytime they wish to. They even converted a large portion of these hacked funds into other cryptos already. And now knowing that this is a state-backed group, there will be more of them. Imagine a country that has a huge funds that came from stealing, not new right? but their terms and ways are.

Surely the North Korea government and Kim Jong Un will spend those stolen assets for something, just matter of time and how they will do it.

Well, this big boy wants big toys and that's why it will surely go to those. And when I say big toys, it's for the military for him to get still in his position and these people will be scared of his reign and continue to follow his orders.

[CryptSafe]

Does this mean that the North Korean Government is deliberately avoiding to buy Bitcoin for their national reserve or what? A

Yes, the hacking group is state-sponsored by its regime and that's why there is no vocabulary on them to buy Bitcoin. They only HODL but they don't buy because they steal it from the biggest holders too which are from the reserve of exchanges and legitimate businesses that are involved in this space. IIRC, they're also behind the hacking from the Axie Infinity's massive fund too, I think that's more than half a billion dollars so that should also add to that holdings that they're having and it's likely that it's for their military budgeting.

Based on what you have said, it is unfortunate for the government to be involved in such a criminal act and would also be harassing her citizens who commits crimes as such when they too are guilty of the same offence. Doing this  has given them a bad reputation and as such, no country who hears such would ever want to have anything to do with them because it would be assumed that they are also a partner in crime so they wouldn't want to be seen as such.

They have been disconnected to the whole world and only have a few allies near to them, China and Russia. And just like the two allies they've got, they are free to do whatever they want to their people and get involved and support these kinds of activities if that is one means of them getting a larger pool of funds. These citizens they have that are working for them, if they go against to their supreme leader that asks them to do this, they're dead together with their loved ones and that's based on the stories that I've watched.

It's unfortunate to hear this aspect of their rules of going against their supreme leader. Does such rules still exists in this modern world or this generation? How cruel could it be to the people to forcefully go against their own will just to please someone who does not care if they are alive or not. What a dictator he is to put his subjects under untold hardship causing them to do his bidding without any questions. It is quite unfortunate.

[tabas]

They have been disconnected to the whole world and only have a few allies near to them, China and Russia. And just like the two allies they've got, they are free to do whatever they want to their people and get involved and support these kinds of activities if that is one means of them getting a larger pool of funds. These citizens they have that are working for them, if they go against to their supreme leader that asks them to do this, they're dead together with their loved ones and that's based on the stories that I've watched.

It's unfortunate to hear this aspect of their rules of going against their supreme leader. Does such rules still exists in this modern world or this generation? How cruel could it be to the people to forcefully go against their own will just to please someone who does not care if they are alive or not. What a dictator he is to put his subjects under untold hardship causing them to do his bidding without any questions. It is quite unfortunate.

Well, their families are being hostaged legally by their own government. So, if a person doesn't follow orders there, it's always been pointed to their families as well. It's not only them that will be punished but it's going to be with many others. That's why he's called a dictator and that's not just some media propaganda but it's a real thing and coming from the escaped NK citizens, they have chose to runaway from there while leaving their families not knowingly what could happen to them.

[DanWalker]

I wouldn't be surprised in the future if we discover that another prestigious entity carried out the hacks they claimed were planned by North Korea. They implicated North Korea to deflect suspicion from themselves, since North Korea is a closed country and has no channels of communication with any party in this regard.

Hahaa, no doubt about it. We cannot know who the next victim will be, how the hack will take place, and when...but it is almost certain that Lazarus and the North Korean government will be the masterminds behind the next attack we are waiting for. The US Department of Justice must have prepared many dispatches, as soon as there is news of any hacks, they just need to fill in the name of the victim and announce that there are investigation results  .

[arabspaceship123]

North Korea could own more than 13k bitcoins. They aren't going make announcements about the things they're doing so the journalist couldn't write the piece based on fact. It was guess work. He didn't write wallet addresses so why's he being taken seriously if he hasn't presented evidence ?

The information that North Korea owns 13,562 bitcoins looks doubtful. Although there is evidence that the country is indeed engaged in cyber attacks and possibly accumulating cryptocurrency to circumvent sanctions, there is no confirmed data on such a number of bitcoins, as far as I know. Most likely, these are rumors or speculations. If true, it highlights how cryptocurrencies can be used to finance isolated regimes.

[Smack That Ace]

Well, their families are being hostaged legally by their own government. So, if a person doesn't follow orders there, it's always been pointed to their families as well. It's not only them that will be punished but it's going to be with many others. That's why he's called a dictator and that's not just some media propaganda but it's a real thing and coming from the escaped NK citizens, they have chose to runaway from there while leaving their families not knowingly what could happen to them.

Are you North Korean or have relatives there? It's amazing how you seem to know so much about what's going on there while the rest of the world is curious to know what's going on in North Korea. As ajiz138 said above: it is very difficult to get information about North Korea and what goes on there is almost a secret to us.

Honestly, I don't know the news about their citizens fleeing the country and reporting what's happening there. But I am also quite skeptical about such news because it is not difficult for politicians to make up a story and spread it so that people believe it. Aside from the news provided by the West, are there any reliable sources of information to learn about what is going on in North Korea?

[gunhell16]

News has it that North Korean Government holds 13,562 Bitcoin making the government the third largest Bitcoin holders in the world and this Bitcoin according to the news source is gotten as a result of the state sponsored Lazarus group whose job is tasked with the responsibility of hacking major Crypto holders and the last of their target was bybit which was the biggest hack so far in the history of Crypto inception.

Does this mean that the North Korean Government is deliberately avoiding to buy Bitcoin for their national reserve or what? As the hack linking to this group called the Lazarus points towards them being sponsored by the government and after that their hacks, they convert it to Bitcoin and keep it as a reserve and they ranking the third largest Bitcoin holders in the world. This accumulation is directly not linked to purchase or seizures by the government as it has not been heard anywhere that the government made an announcement of a purchase or seizures but rather gotten from hacks. Is it worth it that a government would act this way instead of being fair and just, they rather choose to accumulate Bitcoin in such manner and claim to be a wealthy nation.  Are they really leading by example or they are encouraging hacks and theft amongst their nationals or what because that is what  I could think of now that would likely play out in the future.

SOURCE

According to my understanding of the articles, it seems that the Korean government supports the lazarus group. Isn't this the one that has become a prime suspect in the hacking issue that happened with bybit recently?

So, does this mean that the Korean government supports the bad things that the lazarus group is doing in hacking cryptocurrencies? They are tolerating hackers who are committing thefts on large crypto exchanges in the crypto space industry. Because if Yes, they will have bitcoin holdings that they do not release a large amount of money because they come from the hackers' hacks on large platforms.

[arabspaceship123]

In the age of digital tech we're waiting for reliable sources of info in secret societies like North Korea. I understand why ppl fleeing to SK are saying stories about their lives but the journalist who's written it doesn't know how many bitcoin are owned by NK. It's guessing numbers. It's why the news shouldn't be important.

Honestly, I don't know the news about their citizens fleeing the country and reporting what's happening there. But I am also quite skeptical about such news because it is not difficult for politicians to make up a story and spread it so that people believe it. Aside from the news provided by the West, are there any reliable sources of information to learn about what is going on in North Korea?

[bittraffic]

So if the world going to adopt Bitcoin, we may be seeing North Korea being one of the rich country that might be able to trade with his friends without sanctions anymore from US because his friends are also rich in BTC.

Whether the way to have gotten their BTC is illegal or not, its now theirs. They can chose to mix it or just keep it that way but is the world really going to show we can block a BTC transaction coming from them?

[JiiBs]

So if the world going to adopt Bitcoin, we may be seeing North Korea being one of the rich country that might be able to trade with his friends without sanctions anymore from US because his friends are also rich in BTC.

Is that all that is to Bitcoin adoption or what should really slow it down? That the Lazarus group would continue in their way of crime only to enrich North Korea?

Perhaps the sanctions that might come as a result of this isn’t entirely effective but then, it stress the need on why exchanges and other centralized systems within the cryptocurrency space should have a right network and security on their platforms.

I wonder though, if they know this much as to the source of the hack and sponsorship, what’s being done about it?

[arabspaceship123]

If countries which America doesn't like collects & saves bitcoin's for their reserve they'll consider blocking or banning it to weaken the other countries. If Trump's in a bad mood he wouldn't hesitate to take away all benefits he's given to our crypto community. We don't know how many bitcoin's they've got but it doesn't stop ppl saying.

So if the world going to adopt Bitcoin, we may be seeing North Korea being one of the rich country that might be able to trade with his friends without sanctions anymore from US because his friends are also rich in BTC.

Whether the way to have gotten their BTC is illegal or not, its now theirs. They can chose to mix it or just keep it that way but is the world really going to show we can block a BTC transaction coming from them?

[CryptSafe]

They have been disconnected to the whole world and only have a few allies near to them, China and Russia. And just like the two allies they've got, they are free to do whatever they want to their people and get involved and support these kinds of activities if that is one means of them getting a larger pool of funds. These citizens they have that are working for them, if they go against to their supreme leader that asks them to do this, they're dead together with their loved ones and that's based on the stories that I've watched.

It's unfortunate to hear this aspect of their rules of going against their supreme leader. Does such rules still exists in this modern world or this generation? How cruel could it be to the people to forcefully go against their own will just to please someone who does not care if they are alive or not. What a dictator he is to put his subjects under untold hardship causing them to do his bidding without any questions. It is quite unfortunate.

Well, their families are being hostaged legally by their own government. So, if a person doesn't follow orders there, it's always been pointed to their families as well. It's not only them that will be punished but it's going to be with many others. That's why he's called a dictator and that's not just some media propaganda but it's a real thing and coming from the escaped NK citizens, they have chose to runaway from there while leaving their families not knowingly what could happen to them.

This is kind of insane for the government to legally hold families hostage and compelling them to do things against their will and also holding them to ransom just because their family member did not support the government activities and actions.
It's unfortunate that he could be this cruel even to his family members and friends without having a second thought about his actions and not minding the consequences in the future.  Maybe the government would do much better without their citizens since they do not value them.