North Korea Hacks Bybit, Rises as World's 3rd Largest Bitcoin Holder

Uk Jin

Summary

It was reported that North Korea rose to become the world's third-largest Bitcoin holder through the Bybit hack.
North Korea converted all Ethereum obtained through hacking into Bitcoin, now holding 13,562 bitcoins.
North Korea's actions may be related to the United States' strategic stockpiling of Bitcoin.

North Korea has risen to become the world's third-largest Bitcoin (BTC) holder following the hack of global cryptocurrency exchange Bybit.

According to Bitcoin.com on the 17th (local time), North Korea has converted all Ethereum (ETH) hacked from Bybit into Bitcoin, now holding 13,562 bitcoins.

As a result, North Korea now ranks third in national Bitcoin holdings, following the United States (198,109) and the United Kingdom (61,245). Bhutan (10,635) and El Salvador (6,117), previously ranked third and fourth, have each been pushed down one position.

Meanwhile, some analysts suggest that North Korea carried out this cryptocurrency theft with U.S. policy in mind. Bitcoin.com noted, "The timing of North Korea's cryptocurrency theft coincides with the United States' strategic stockpiling of Bitcoin," adding, "The motive behind North Korea's cryptocurrency theft is questionable."

BTC