According to onchain analytics from Arkham Intelligence, in the past 27 days, North Korea’s hacking arm Lazarus Group, has orchestrated the transfer of 3,932 BTC, valued at $331.99 million. Even after dispatching such a considerable portion, the remaining cache still cements North Korea’s standing as the third-largest nation-state bitcoin holder.

Over the past month, the hacking syndicate Lazarus Group has orchestrated a significant number of crypto asset transfers. As of March 22, 2025, Lazarus held 13,332 bitcoin, totaling $1.12 billion, and Bitcoin.com News reported that these holdings were being moved across a multitude of unidentified addresses, further obscuring their trail with successive transfers. This strategy endured throughout the last 27 days, culminating in fresh movements as recently as today.

For example, this particular transfer consolidated 9.9 BTC before channeling it into two distinct addresses—5 BTC to one and 4.89977477 BTC to the other—each portion then circulated repeatedly. Altogether, Lazarus has relocated 3,932 BTC valued at $331.99 million from the wallets flagged by Arkham Intelligence. At 11 a.m. EDT on Apr. 18, Lazarus oversees a reserve of 9,400 BTC worth more than $793 million, based on current bitcoin exchange rates.

That hoard continues to rank North Korea third, ahead of El Salvador and the Royal Government of Bhutan. The U.S. government remains the top holder with 198,012 BTC—equivalent to $16.73 billion—while the U.K. follows with 61,245 BTC, or $5.17 billion. Next after Lazarus Group’s holdings is Bhutan’s bitcoin cache, which totals 7,697 BTC, or $650.36 million. On March 16, Bhutan’s holdings stood at 10,635 BTC, meaning it has offloaded 2,938 BTC since then.

El Salvador’s balance climbed from 6,117 BTC on March 16 to the current 6,151 BTC. That uptick corresponds to acquiring one bitcoin per day, a pace the government has maintained for some time. In contrast, North Korea—or more precisely, Lazarus—appears disinclined to retain its bitcoin, swiftly cycling these assets to mask their origin. Should this trend persist and if Bhutan’s treasury holds steady, another 1,703 BTC transfer by Pyongyang would cost North Korea its third-place status among nation states. Naturally, this projection hinges on the assumption that the hacking outfit truly enjoys state backing.

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