North Korea’s Bitcoin holdings now surpass those of El Salvador and Bhutan.
The Lazarus Group, linked to North Korea, converted assets from the Bybit hack into Bitcoin.
These cyber activities contribute to North Korea’s funding of its weapons programs.
North Korea surpassed El Salvador and Bhutan in Bitcoin (BTC) holdings after the Lazarus hacker group converted stolen assets from the Bybit hack into Bitcoin, according to Arkham data as of March 17.
Arkham data shows that Lazarus, responsible for the record $1.5 billion Bybit hack, converted the stolen Ether to 13,518 Bitcoin (worth $1.14 billion).
The group also holds nearly 13,791 Ether and 5,022 Binance Coin (BNB), valued at $26.68 million and $3.16 million, respectively.
Lazarus Group’s crypto holdings. Source: Arkham
These holdings position North Korea ahead of Bhutan’s 10,635 mined Bitcoin and El Salvador’s 6,118 Bitcoin.
Bitcoin Treasuries data places the US, China, the UK, and Ukraine ahead, with reserves of 198,109, 190,000, 61,245, and 46,351 BTC.
In terms of Bitcoin holdings, North Korea is the fifth largest country in the world. / Source: Bitcoin Treasuries
The Scale of North Korean Cybercrime
North Korea’s vast wealth in cryptocurrencies stems from years of cyberattacks and crypto heists, including the 2024 DMM Bitcoin exploit in Japan and the 2022 Ronin Network breach, where Lazarus stole $308 million and over $600 million, respectively.
The Lazarus Group refers to a large subset of state-sponsored cyber activities of the Democratic People’s Republic of Korea (DPRK), operating as an integral wing of North Korea’s central foreign intelligence agency, the Reconnaissance General Bureau (RGB).
Chainalysis’ Crypto Crime 2025 Report shows North Korean hackers stole $660.5 million in 2023 and $1.34 billion in 2024, marking a 102.88% year-over-year increase.
One of the most recent examples of North Korea’s expanding cyber operations is the Bybit hack.
Bybit Attack: North Korea’s Massive Crypto Theft
The dramatic increase in North Korea’s Bitcoin holdings is directly linked to the February 2025 attack on the Dubai-based cryptocurrency exchange Bybit.
French banking leadership warns that U.S. policy shifts could trigger unforeseen financial challenges.
A move toward lighter crypto oversight sparks debate over risk exposure.
European officials review reform options amid evolving market conditions.
Ongoing talks question the role of digital assets in monetary reserves.
In an exclusive interview with French weekly La Tribune Dimanche on March 15, French Central Bank Governor François Villeroy de Galhau cautioned that U.S. President Trump’s policies—particularly his support for digital assets and deregulation—could destabilize the global financial system.
He argued that these measures might introduce new financial risks, warning that such risks often originate in the United States before spilling over into global markets.
How Trump’s Policies Could Trigger Global Financial Upheavals
Villeroy de Galhau explained that Trump’s policies are sowing the seeds of future upheavals.
He emphasized that history has shown how financial crises frequently begin in the U.S. before expanding globally.
He cited historical patterns, noting that three of the past five major financial crises originated in the United States: the Great Depression in 1929, the 1973 OPEC Oil Price Shock, and the 2008 Great Recession. Each had major global repercussions.
Villeroy de Galhau argued that the current trajectory of Trump’s policies—particularly the focus on deregulation and support for digital assets—mirrors risky behaviors that have historically led to financial instability.
French Central Bank Governor’s Crypto Warning on Trump’s Policies
The French central bank governor’s warning comes amid recent U.S. policy shifts concerning cryptocurrency.
President Trump recently signed an executive order announcing the creation of a Strategic Bitcoin Reserve, a move that ignited sharp debate over the federal government’s involvement in digital assets.
Additionally, the proposed rollback of Operation Choke Point 2.0, which previously limited crypto firms’ access to banking services, signals another shift toward deregulation.
JUST IN: President Trump is ending the weaponization of government against the crypto industry by abolishing Chokepoint 2.0 pic.twitter.com/NEnt2nw2Xl
Critics argue Trump’s policies on deregulation introduce unnecessary systemic risks, particularly given the volatile nature of crypto markets.
While proponents applaud these decisions as steps toward financial autonomy, the immediate impact has not been without consequence.
Last week, Bitcoin’s price plunged below $84,000 after the executive order was announced, triggering over $250 million in liquidations.
This sharp decline underscored concerns regarding the extreme volatility of digital assets and their potential effect on broader financial stability.
Economist Peter Schiff, a well-known Bitcoin critic, echoed these sentiments, arguing that Bitcoin’s price swings make it an unreliable asset for national reserves.
Now that Bitcoin fell below $77K, it's down 30% from its January record high. It's hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it's down 50%.
Schiff warned that Trump’s policies could end up disproportionately benefiting insiders while exposing taxpayers and banks to avoidable risks.
Villeroy de Galhau’s concerns extend beyond cryptocurrencies, touching on broader aspects of Trump’s policies, including trade measures that could further strain international relations.
Europe’s Response to Trump’s Tariffs and Bitcoin Push
Trump’s trade policies have also sparked tension across the Atlantic.
To safeguard financial stability, European leaders are exploring several measures. Villeroy de Galhau has called for strengthening the euro’s global role, improving Europe’s savings and investment framework, and enhancing financial independence.
His message is clear: Europe must take decisive action to shield itself from the ripple effects of Trump’s policies.
German central bank chief Joachim Nagel shares similar concerns. He described Trump’s policies as something akin to a horror show and has advocated for a digital euro as a means to preserve Europe’s financial sovereignty.
However, unlike some nations, Nagel remains firmly opposed to central banks holding Bitcoin, arguing that digital assets lack the transparency and liquidity necessary for official reserves.
A Divided Approach to Bitcoin Reserves
While Nagel and other European financial leaders caution against digital assets, differing perspectives exist.
He suggested that the CNB might explore adding Bitcoin to its national reserves, signaling a potential shift in approach.
Outside Europe, independent nations like El Salvador continue to accumulate Bitcoin, while several U.S. states have introduced legislation to create state-controlled Bitcoin reserves.
Meanwhile, Michael Saylor’s investment firm, Strategy, recently announced a $10.7 million Bitcoin purchase and revealed plans to raise $21 billion to expand its holdings.
BREAKING: Michael Saylor's STRATEGY just bought $10.7m Bitcoin.
Strategy also plans to raise up to $21 BILLION to buy more $BTC
The debate surrounding Bitcoin’s role in national reserves reflects a broader divide.
Some see digital assets as a modern tool for financial innovation, while others emphasize the importance of maintaining stability and transparency in central banking.
As Trump’s policies continue to reshape the global financial order, European leaders and central banks face mounting pressure to adapt.
Whether through reinforcing the euro, pursuing digital alternatives, or addressing trade challenges, their responses will likely define the next phase of international financial stability.
Frequently Asked Questions (FAQs)
What potential risks arise from adopting a pro-crypto stance in national policy?
A pro-crypto policy invites rapid market shifts and hidden vulnerabilities. Without stringent oversight, these strategies may spark cross-border economic turbulence and yield unpredictable financial outcomes.
How could European financial policies be affected by U.S. crypto moves?
European banks may adjust reserve plans and explore digital alternatives as U.S. crypto support shifts market dynamics. This response could reshape regulatory stances and spur transatlantic fiscal reform.
What steps can policymakers take to manage crypto-related market risks?
Policymakers may adopt stricter oversight and clear guidelines to control crypto market risks. Experts recommend balanced measures that blend financial prudence with advancement to stabilize systems and curb fallout.
Bitcoin mining company Bitfarms has finalized its acquisition of Stronghold Digital Mining, gaining access to a 1.1-gigawatt energy pipeline across three sites in Pennsylvania.
The deal significantly enhances Bitfarms’ presence in the PJM market, a key energy region in the United States, according to a Monday press release.
Under the agreement, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they held.
Stronghold Digital Delisted from NASDAQ Following Bitfarms Acquisition
With the transaction complete, Stronghold has ceased to exist as an independent public entity and has been delisted from the NASDAQ exchange.
It is now a wholly-owned subsidiary of Bitfarms, with the latter taking full control of Stronghold’s assets and operations.
The acquisition boosts Bitfarms’ total energy portfolio to 623 megawatts under management, adding 165 MW of active power generation and 142 MW of immediately available import capacity.
The move also rebalances Bitfarms’ energy mix, shifting its 2025 projections to 80% North American-based operations and 20% international.
Bitfarms CEO Ben Gagnon emphasized that the deal strengthens the company’s foothold in the U.S., particularly within the PJM energy grid.
He highlighted the strategic importance of integrating Stronghold’s infrastructure to support both Bitcoin mining and high-performance computing (HPC) for artificial intelligence (AI).
“With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing our U.S. strategy and developing an HPC/AI business geared for scale,” Gagnon stated.
Bitfarms initially agreed to acquire Stronghold Digital Mining in a stock-based transaction valued at approximately $125 million, including around $50 million in assumed debt, according to Bloomberg.
The acquisition comes as Bitfarms fends off an unsolicited $950 million takeover bid from Riot Platforms, which had attempted to acquire the company earlier this year.
US Dominates Bitcoin Mining with Over 40% of Global Hashrate
At the close of 2024, the United States solidified its position as a leader in Bitcoin mining, accounting for over 40% of the global hashrate — the total computing power securing the Bitcoin network.
U.S.-based mining pools Foundry USA and MARA Pool played a significant role, collectively mining more than 38.5% of all Bitcoin blocks.
Foundry USA increased its hashrate from 157 exahashes per second (EH/s) at the beginning of the year to approximately 280 EH/s by December.
The growth cemented Foundry USA’s position as the largest mining pool globally, with control over 36.5% of the Bitcoin network’s total hashrate.
As reported, Jack Dorsey’s Block has also announced plans to ramp up investments in its Bitcoin mining initiative and self-custody Bitcoin wallet.
At the time, the company said it would reallocate resources from its canceled “Web5” project, TBD, and cut investments in the music-streaming service, Tidal, to support this move.
Last month, Core Scientific also revealed plans for a $1.2 billion data center expansion in partnership with artificial intelligence startup CoreWeave.
President Trump is ending the weaponization of government against the crypto industry by abolishing Chokepoint 2.0 
BREAKING: Michael Saylor's STRATEGY just bought $10.7m Bitcoin.