North Korea has become the world’s third-largest holder of Bitcoin after its hackers converted stolen Ethereum into Bitcoin. North Korea now holds 13,580 BTC, worth an estimated $1.14 billion. That puts the country ahead of El Salvador and Bhutan in terms of the number of government-owned Bitcoins, The Times reports.
El Salvador, known for its support for Bitcoin as legal tender, holds about 6,117 BTC, while Bhutan has 10,635 BTC. North Korea’s victory in the cryptocurrency market highlights the importance of cryptocurrencies as a tool for evading international sanctions and financing state operations.
North Korea now ranks third among governments in the world in terms of Bitcoin holdings, behind only the United States (198,109 BTC) and the United Kingdom (61,245 BTC). This highlights the growing importance of cryptocurrencies in global finance and cybersecurity, including cyberwarfare operations.
It is important to note that unlike countries like El Salvador, which openly support Bitcoin, North Korea has been actively using cryptocurrencies through illicit activities, including cyberattacks. The attack on the cryptocurrency exchange Bybit is just one of many cases where North Korean hackers have stolen significant amounts of cryptocurrency. Such activities highlight North Korea’s role in using cryptocurrencies to circumvent international sanctions and fund state programs.