Lazarus Hacker Group Now Holds More Bitcoin Than Tesla and Elon Musk
A North Korean hacker group, Lazarus, holds more Bitcoin than Elon Musk and his company Tesla. Explore this astonishing revelation shaking up the cryptocurrency world.
The Lazarus Group : A Hidden Threat at the Heart of Bitcoin
The Lazarus Group, a cybercriminal organization linked to North Korea, currently holds 13,441 Bitcoins, which is 16% more than the 11,509 Bitcoin held by Tesla, Elon Musk’s electric vehicle company. This surprising information, revealed by the analysis firm Arkham Intelligence, demonstrates how this group of North Korean hackers has managed to accumulate an impressive stash of the flagship cryptocurrency.
Lazarus Group Holds $1.12B in $BTC
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Arkham reports that North Korea’s hacker group, Lazarus, controls 13,518 $BTC (~$1.12B).
This makes North Korea the third-largest state #Bitcoin holder, trailing only the US and UK. pic.twitter.com/CLLOHAgv7bBΞRIT
Last month, the Lazarus Group conducted a particularly devastating attack on the Bybit cryptocurrency exchange platform, managing to steal $1.4 billion in Ether. Some of these stolen funds were then converted into Bitcoins, further fueling the reserves of this criminal group.
Despite Tesla’s efforts to position itself as one of the largest institutional holders of Bitcoin, the Lazarus Group has managed to surpass them, becoming the third-largest holder in terms of BTC reserves, behind only the US government, MicroStrategy, and the Grayscale hedge fund.
The Trojan Horse of North Korea
This revelation comes as former US President Donald Trump recently reaffirmed his commitment to making the United States the “unquestioned superpower of Bitcoin” and the “global capital of cryptocurrency.” In this context, it will be interesting to see how Tesla and other American companies react to being outpaced by a group of North Korean hackers.
Beyond the purely financial aspect, this situation raises serious geopolitical questions. Under the weight of international sanctions, North Korea has turned to cryptocurrencies to bypass the traditional financial system and finance its illegal activities. The Lazarus Group, the enforcer of this plan, has continuously excelled in cyberattacks on cryptocurrency exchanges, amassing a war chest in Bitcoin through their Trojan horse.
Therefore, one might wonder if North Korea aims to use its Bitcoin reserves to strengthen its geopolitical influence, challenge the United States, and undermine the dominance of the American dollar. A race between Washington and Pyongyang for control over cryptocurrencies now seems to be unfolding.
In essence, this situation highlights how cryptocurrencies can be used by malicious actors to circumvent traditional financial systems and finance illegal activities. It also underscores the need for states, companies, and investors to increase vigilance against these new threats.
Nevertheless, it also illustrates the potential of cryptocurrencies to question the established economic order and disrupt traditional hierarchies. In an increasingly interconnected world, the race for Bitcoin now pits nation-states with diverging ambitions against each other, blurring the lines between finance, geopolitics, and cybersecurity.
Charles Ledoux
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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