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- Lazarus Group now holds more Bitcoin than Tesla, surpassing 13,441 BTC and raising cybersecurity concerns.
- After the Bybit hack, Lazarus converted $1.4 billion in stolen ETH into Bitcoin, expanding their crypto assets.
- The growing power of Lazarus in crypto markets could deter companies like Tesla from further Bitcoin investments.
Lazarus Group, a hacking organization associated with North Korean hackers, acquires more Bitcoin than Tesla. Thus, Lazarus now possesses 13,441 BTC, which as of today, is worth $1.14 billion in value, as confirmed by Arkham Intelligence. This is actually a great change as the group now holds more than the total number of BTCs owned by Tesla are 11,509. The development poses some concern on how even criminals within the realm of cyberspace are penetrating into the cryptocurrency market.
Source: Arkham Intelligence
Tesla’s Bitcoin Investment
The group was able to accumulate more Bitcoin stash from the recent bybit crypto exchange hack. During the attack, the hackers managed to steal Ether worth $1.4 billion. This was allegedly done using the stolen ETH; some of it was exchanged for Bitcoins to be added to their existing wealth. The CEO of Bybit, Ben Zhou stated that 12,836 BTC were doled out among 9,117 wallets and thus increased Lazarus’ cryptocurrency wealth.
Tesla, on the other hand, invested in it four years ago, when it started purchasing Bitcoin worth millions. Since then, the company has had no intention to sell its Bitcoin, and has maintained a HODL approach. Tesla Inc is today among the top four corporations to hold Bitcoin as an investment, based on their latest records. However, Lazarus’ rise to the top of the list is a challenge that the electric car maker sees as unusual.
That is happening at a time when cryptocurrency is achieving a worldwide recognition. The facts stated by the President Donald Trump also contribute to the perception of the U.S. as the “undisputed Bitcoin superpower.” It may also encourage the use of Bitcoins among other business entities in the US and in other nations. However, these growth in Bitcoin holdings have resulted in more complexity with Lazarus Group, as cybercriminal groups are participating in the same market with large corporations.
Lazarus Group Threatens Crypto
Besides Lazarus, another party that has been known to possess some Bitcoin is the United States government. The government currently possesses 198,109 BTC it accrued from the seizures from criminalconduct, and at current value, worth over $16 billion. This reserve demonstrates that the cryptocurrency is gradually becoming an essential component of global finance. However, with such groups as Lazarus active, the risk to the cryptocurrency market increases significantly.
Despite this, Lazarus is gradually increasing its threat to cryptocurrency platforms and its users. The increasing incidence of hacking groups may likely discourage firms such as Tesla from increasing its acceptance of digital currencies. It also raises questions about the resilience and reliability of the larger environment, cryptocurrency.
