North Korea's Bitcoin wealth will shock you—only behind US, UK
What's the story
North Korea has become a key player in the cryptocurrency arena, now owning the world's third-largest stash of government-owned Bitcoin.
The news comes after a major hack of Dubai-based trading platform Bybit last month, which saw tokens worth $1.5 billion being stolen by hackers allegedly backed by North Korea.
As per crypto-security firm Arkham Intelligence, the North Korean government owns 13,562 Bitcoins worth $1.14 billion.
Cryptocurrency ranking
North Korea's Bitcoin holdings surpass other countries
North Korea's Bitcoin stash now exceeds that of every other nation, except for the US and Britain.
According to Arkham Intelligence, the US held 198,109 coins as of January while Britain had 61,245 coins.
The Lazarus Group, a hacker syndicate thought to be supported by the North Korean government, stole tokens worth $1.5 billion from Bybit on February 21, the FBI said.
Major heist
Lazarus Group's historic cryptocurrency theft
The hack executed by the Lazarus Group is the biggest cryptocurrency theft ever. Most of the stolen tokens were reportedly Ethereum, which was then converted into Bitcoin.
Not only has this major incident propelled North Korea's position in global cryptocurrency rankings, but it has also raised concerns over cybersecurity and state-sponsored cybercrimes related to cryptocurrencies.