Singapore's Secretive Cryptocurrency Reserve Revealed After $2.3 Billion BitMEX Heist

North Korea's Bitcoin Holdings Surpass El Salvador and Bhutan, Thanks to $1.5 Billion Bybit Hack

In a shocking revelation, North Korea has emerged as the unexpected leader in Bitcoin holdings, surpassing El Salvador and Bhutan. The country's alleged Bitcoin stash has been boosted by a massive $1.5 billion Bybit hack, according to a recent report.

The report suggests that North Korea's Bitcoin reserves have grown significantly, with estimates suggesting that the country now holds over 1 million Bitcoins, valued at around $15 billion. This puts North Korea ahead of El Salvador, which holds around 700,000 Bitcoins, and Bhutan, which has approximately 500,000 Bitcoins.

The Bybit hack, which occurred in May, is believed to have been carried out by North Korean hackers. The hack allowed the attackers to steal a massive 99,975 Bitcoins, valued at around $1.5 billion at the time. The stolen funds were then allegedly transferred to North Korean-controlled wallets, significantly boosting the country's Bitcoin holdings.

The report highlights the growing trend of cryptocurrency adoption in North Korea, despite the country's strict economic sanctions. The country has been increasingly involved in cryptocurrency-related activities, including mining and trading.

The exact extent of North Korea's Bitcoin holdings is difficult to determine, as the country's financial activities are largely opaque. However, the report suggests that the country's Bitcoin reserves are likely to continue growing, driven by its growing cryptocurrency mining and trading activities.

The news has sent shockwaves through the cryptocurrency community, with many experts expressing concern over the potential implications of North Korea's growing Bitcoin holdings. The report has also sparked renewed calls for increased vigilance and cooperation among cryptocurrency exchanges and governments to prevent similar hacks in the future.