Does North Korea Own more BTC than Bhutan and El Salvador? Fact Check

There’s a claim floating around that North Korea now holds more Bitcoin than Bhutan and El Salvador combined, thanks to the $1.4 billion Bybit hack. The reports say that the notorious Lazarus Group, linked to North Korea, stole a huge amount of Ethereum and later converted a large portion into Bitcoin. 

This has sparked a lot of chatter about whether North Korea has become one of the biggest Bitcoin-holding nations. But is this really the full picture?

Bitcoin Holdings by Government | Source: X

People are throwing around numbers that suggest North Korea is now behind only the U.S. and the U.K. in terms of government Bitcoin reserves. Many believe North Korea is using Bitcoin to bypass international sanctions since it’s decentralized and easy to move. 

Others, however, are skeptical, arguing that there’s a major difference between the North Korean government and the hacking group that actually stole the Bitcoin.

Bhutan and El Salvador have officially declared their Bitcoin holdings as part of their national reserves. North Korea, on the other hand, has not. The Bitcoin in question wasn’t bought or acquired legally—it was stolen by hackers. 

While it’s true that the Lazarus Group, which has ties to North Korea, controls a significant amount of Bitcoin, that doesn’t mean the North Korean government itself owns it.

Alright, let’s clear this up. The claim’s a bit off. Sure, the Lazarus Group swiped a ton of Bitcoin after hitting Bybit, but that doesn’t mean North Korea’s government is sitting on it like some official stash. 

There’s a big gap between hackers holding stolen crypto and a nation claiming it as part of its treasury. Before buying into the buzz, it’s worth digging into the whole story.