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

[Dailyscript]

If the ones who stole thos bitcoins are the hacer grpup then i'm not sure if those bitcoins belong to the korea government. I mean the hackers are the ones who have the private keys so at any moment they can run away with those coins.

And if they make ir public then the World will try to recover those coins.

And if truly the Lazarus group, which is said to be the hacker, is sponsored by the North Korean government, it means the hackers will be reporting to the North Korean government, and they could also either have access to the private key or attest both groups have access to the key, that's if the allegations are true, unless the hackers group are acting on their own, and when bodies like that are acting on their own without government backup, they will easily be captured.

To be honest, we even suspecting the Korean government to be in support of the Lazarus group to hack exchanges is wrong. Not because an organization is involved ion cyber crime we then tend to say the entire country is sponsoring and involvled in the crimes. There are several criminals from other countries, its noa general reputation issue it is the individual organization that should be fight against. I believe that the Lazarus group are on their own and they have a large number of employed hackers from Korea working for them.

[pinggoki]

If i understand you so well, you are literally saying the Korean government is sponsoring the Lazarus groups who keeps hacking exchanges, or you are just asking to be sure? That will be a false accusation because no government will publish any news that they are in support of cybercrime. If investigations is done and they have to trace all the money stolen from these CEX exchanges down to the Lazurus group, then the Korean government will be causing a conflict between nations.

North Korea is a rogue nation so it doesn't really take a long time to conclude that they do sponsor this group, there's already a name for the head of this group already if I recall but still on the run and the names are Korean so it's safe to assume that they're sponsored by North Korea even if it's just an allegation and just seeing how they attack in the west, it's clear that they're against capitalists. Also, remember that Sony hack because they're releasing the movie Dictator which depicts an assassination attempt on the North Korean dictator Kim Jong Un? I think that's probably enough evidence that Lazarus group is sponsored by North Korea.

It's a really concerning thing too that North Korea owns this much bitcoin because that can only mean that if bitcoin skyrockets in prices, their stash of bitcoin would actually help them get more funds for their ever growing military threat and now, they can do it more discreetly given that bitcoin is pseudonymous which also helps hide who's the one that's supplying them with weapons.

[Z-tight]

This is the headline for all the news: North Korea becomes 3rd largest government Bitcoin holder after Bybit hack

So these are accusations regarding what happened with the Bybit hack. What's strange is that the Lazarus Group has been accused in numerous previous cases, yet all sources indicate they only hold approximately 13,518 BTC, valued at around US$1.13 billion (Bybit hack).

Lol, i believe that is because all of the many accusations are without any real proof, and i have said that in my last post in this topic. I am not saying there is no group of hackers in North Korea, but i don't agree that all of the recent high profile hacks is done by them. It is like we already have a name on every hack, we are just waiting for it to happen.

[Popkon6]

North Korea is not the third on my own list, because the last time I checked North Korea isn't helping crypto adoption in any way, every crypto they own is probably stolen or hijacked since this is the only thing they are good at, there is no news anyway that says North Korea purchased any Bitcoin legally through a crypto exchange.

North Korea basically helps through this hacking, so I can't really call the Bitcoin they are holding as holding. Because the only holding is El Salvador and those who hold Bitcoin for a long time and hold it faithfully, but suddenly North Korea is holding 13562 Bitcoins, this money comes mainly from the Bybit exchange hacking. So they will change their decision at any moment and sell Bitcoin, El Salvador has been accumulating Bitcoin for a long time. So El Salvador is a country that will definitely hold Bitcoin for a long time in the future and they are buying one Bitcoin every day.
So I can call this Bitcoin holding in North Korea a sick holding.

[Zlantann]

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.

I don't think North Korea have intention to buy and hodl Bitcoin for a long time to make profit. The country is under severe sanctions that have almost crippled the economy. Hence they are seeking different ways to raise money to fund their budget. Cryptocurrencies seem to be one of the ways they can get money and invade sanctions. According to reports, these hackers are sponsored by the North Korean government to carry out hacks to enable them to raise funds to finance their nuclear programs.

Lol, i believe that is because all of the many accusations are without any real proof, and i have said that in my last post in this topic. I am not saying there is no group of hackers in North Korea, but i don't agree that all of the recent high profile hacks is done by them. It is like we already have a name on every hack, we are just waiting for it to happen.

The insinuation that all these hacks are done by the Lazurus Group is just speculation. There has been no concrete proof linking these hacks to the Group. One investigator said that he suspects that it was carried out by the group because the sale of the coins followed similar patterns.

[CryptSafe]

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.

I don't think North Korea have intention to buy and hodl Bitcoin for a long time to make profit. The country is under severe sanctions that have almost crippled the economy. Hence they are seeking different ways to raise money to fund their budget. Cryptocurrencies seem to be one of the ways they can get money and invade sanctions. According to reports, these hackers are sponsored by the North Korean government to carry out hacks to enable them to raise funds to finance their nuclear programs.

You are making a valid point here, from the looks, as a nation with such sanctions, they would go to any extent to raise funds for their project which has attracted eye's to them for the negative reasons which they still do not want to change from. Maybe doing this could help them raise funds for their project  defying the sanctions on them.
They just thinking sponsoring hackers as you have said could help them realise their goals is just a waste of time because it would not be that easy for them.

[pawel7777]

I wasn't even aware that the "sizable" portion of Ethereum (per the article linked in the OP) stolen from the ByBit hack was converted to Bitcoin. I've heard some anecdote that, due to that hack, Kim Jong Un now holds more Ethereum than Vitalik.

Things can get ugly for the crypto industry if the pressure mounts for exchanges to blacklist and freeze suspected coins. This is a threat to the fungibility of Bitcoin and other, traceable cryptos, crippling their use as "virtual cash".

https://www.bbc.co.uk/news/articles/c2kgndwwd7lo

Another problem is that not all crypto companies are as willing to help as others.
Crypto exchange eXch is being accused by ByBit and others of not stopping the criminals cashing out.
More than $90m has been successfully funnelled through this exchange. (...)

[nelson4lov]

I wasn't even aware that the "sizable" portion of Ethereum (per the article linked in the OP) stolen from the ByBit hack was converted to Bitcoin. I've heard some anecdote that, due to that hack, Kim Jong Un now holds more Ethereum than Vitalik.

Things can get ugly for the crypto industry if the pressure mounts for exchanges to blacklist and freeze suspected coins. This is a threat to the fungibility of Bitcoin and other, traceable cryptos, crippling their use as "virtual cash".

https://www.bbc.co.uk/news/articles/c2kgndwwd7lo

Another problem is that not all crypto companies are as willing to help as others.
Crypto exchange eXch is being accused by ByBit and others of not stopping the criminals cashing out.
More than $90m has been successfully funnelled through this exchange. (...)

It's not a threat. If you put a decentralized asset under a centralized control or platform, it becomes a problem as it's no longer decentralized. When those hackers deposited into some platforms that eventually seized the ETH or BTC, they relinquished control.

Bitcoin still honours the original cypherpunk ethos and nothing to do with CEXs and centralized platforms.

[tabas]

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.

[coupable]

For clarity, the writer was only speculating and the article didn't say if the stolen Bitcoin was going to be used for create a Bitcoin reserve.

Here's my opinion. Just because the US government took a decisive step to create a Bitcoin reserve, does not mean any nation stacking up Bitcoin wants to do same. North Korea is currently under western sanctions for its nuclear weapon programme. The stolen Bitcoin/crypto might be to circumvent the bans and to fuel its nuclear weapon agenda.

There is no evidence that the Lazarus Group is linked to North Korea, other than what the US Department of Justice claims. However, assuming this is true, the North Korean government would do this to circumvent the international embargo and secure its needs from the global market. According to Wikipedia, the Lazarus Group began its emergence during the first decade of the 21st century, but well known in 2014 when it launched an attack on Sony Pictures, seen as political retaliation for the company's production of a film about North Korean leader Kim Jong Un.

[SilverCryptoBullet]

There is no evidence that the Lazarus Group is linked to North Korea, other than what the US Department of Justice claims. However, assuming this is true, the North Korean government would do this to circumvent the international embargo and secure its needs from the global market. According to Wikipedia, the Lazarus Group began its emergence during the first decade of the 21st century, but well known in 2014 when it launched an attack on Sony Pictures, seen as political retaliation for the company's production of a film about North Korean leader Kim Jong Un.

If they are a famous and successful hacker group like this, they know how to launder those stolen bitcoin and cryptocurrencies. They actually did it many times in the past but there is always risk of being traced and caught so assume that they won't succeed to launder all those stolen coins.

I don't have any hate toward North Korean people but I dislike Kim Jong Un. He is like a pig that lives luxurious life above poverty of his citizens, it's not how a true national leader is. He only thinks of himself and perhaps his family, other people in his nation are useless and not important with him and his leadership.

Connection between Lazarus Group and North Korean government is only reported by US Department of Justice and other media cited it. I agree that it can be a false accusation, always has probability of false accusation, but I think there is higher chance that this accusation is valid.

[Negotiation]

It is truly surprising that no government would be open about the amount of bitcoin it holds and no one gives an exact figure for how many bitcoins it has in its reserves. It is possible that these are being held illegally as the North Korean authorities and related groups are concerned about the illegal acquisition of bitcoin and other digital assets. The Lazarus Group, a hacker group linked to North Korea, is widely known for raising illicit funds through bitcoin and other cryptocurrencies. They have carried out various cyberattacks including hacking exchanges and other organizations and stealing large amounts of bitcoin.

[fuguebtc]

Lol, i believe that is because all of the many accusations are without any real proof, and i have said that in my last post in this topic. I am not saying there is no group of hackers in North Korea, but i don't agree that all of the recent high profile hacks is done by them. It is like we already have a name on every hack, we are just waiting for it to happen.

It's ridiculous that most Western countries and many people say that North Korea is a backward, outdated and poor country, but they are always accused and blamed as the top thieves on the Internet . Meanwhile, to do that requires extensive knowledge, advanced technology and it seems like an impossible task, a task that not many people in the world can do.

People seem to have it drilled into their heads that any statement coming from the US or the West is true and any statement coming from other countries is a lie .
I would not be surprised if any major cyber attack happens in the future and the victims are Western organizations, the perpetrators are none other than hacker groups from North Korea or the North Korean government .  Because that was the default .

[arabspaceship123]

Unless a country volunteers info we won't know they're holding bitcoin. North Korea isn't going to tell ppl about the numbers of bitcoin they're holding. There's estimation by reporters but we haven't been given info by govt's so we shouldn't accept it.

[coupable]

There is no evidence that the Lazarus Group is linked to North Korea, other than what the US Department of Justice claims. However, assuming this is true, the North Korean government would do this to circumvent the international embargo and secure its needs from the global market. According to Wikipedia, the Lazarus Group began its emergence during the first decade of the 21st century, but well known in 2014 when it launched an attack on Sony Pictures, seen as political retaliation for the company's production of a film about North Korean leader Kim Jong Un.

Connection between Lazarus Group and North Korean government is only reported by US Department of Justice and other media cited it. I agree that it can be a false accusation, always has probability of false accusation, but I think there is higher chance that this accusation is valid.

News agencies and media outlets in general do not accurately and credibly report information. They all agree that the Lazarus Group is supported by North Korea, without clarifying that this suspicion is based on American allegations for which no one has provided any evidence. Since allegations cannot be based on speculation, the US claims remain questionable until confirmed, especially since North Korea has not said anything about these allegations, which may have confirmed them in one way or another. I do not exonerate North Korea, but I do not have sufficient evidence to convict it of involvement in cybercrime.

[Perfectbaby]

If north Korean government could do this or sponsored the group (Lazarus group) whom they thought that hacked bybit, is not in anyway showing transparency or as a government that people termed to be that trusting and relying on carrying out this unsupported act. What impression are they given the general public or are they showing other countries whom may one day think of executing such acts and of course this shows how unsafe a centralized exchange could be if they could start targeting the centralized exchange, gradually it's calling for Decentralized exchange as centralized exchange may seems not to be trusted anymore.

[DanWalker]

Connection between Lazarus Group and North Korean government is only reported by US Department of Justice and other media cited it. I agree that it can be a false accusation, always has probability of false accusation, but I think there is higher chance that this accusation is valid.

News agencies and media outlets in general do not accurately and credibly report information. They all agree that the Lazarus Group is supported by North Korea, without clarifying that this suspicion is based on American allegations for which no one has provided any evidence. Since allegations cannot be based on speculation, the US claims remain questionable until confirmed, especially since North Korea has not said anything about these allegations, which may have confirmed them in one way or another. I do not exonerate North Korea, but I do not have sufficient evidence to convict it of involvement in cybercrime.

I'm not defending North Korea either, but it's clear that we don't have any concrete evidence that they were behind these attacks. The US Department of Justice and the media have never presented any convincing evidence, how can we easily believe what they say? Personally I only believe if they can provide convincing evidence. But what's interesting is that North Korea has never spoken out about these allegations and it doesn't seem to care about them either. This makes the matter more mysterious but inadvertently creates conditions for the US and the media to take advantage and make baseless accusations.

[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.
[/quote]

[Z-tight]

People seem to have it drilled into their heads that any statement coming from the US or the West is true and any statement coming from other countries is a lie

Yeah, they have used their influence for so long to stamp it in people's hearts, even in the movies, it is always the U.S. that is trying to save the world, then some other country are the bad guys, lol.

I would not be surprised if any major cyber attack happens in the future and the victims are Western organizations, the perpetrators are none other than hacker groups from North Korea or the North Korean government .  Because that was the default .

That is already the default for any hack, 'it is the Lazarus group sponsored by North Korea', and they don't even have to back it up with any proof, because most people are wired to blindly believe what they say.

[arabspaceship123]

You can't believe every thing you're reading. Do we know for a fact how many bitcoin's are held by any country including America or North Korea ?

I'm interested in how small investors can adapt after countries become bitcoin whales. It's being traded today by ordinary ppl because it's available. The day countries become whales it's price won't make it possible for small investors & ordinary ppl to buy.