Lazarus Group's Bitcoin Holdings Surpass Tesla's by 15%

North Korean-state-backed Lazarus Group has stolen billions from the crypto industry, including the recent record-breaking $1.5 billion from the digital asset exchange Bybit. The prolific cybercrime organization now holds more Bitcoin (BTC) than Elon Musk’s electric vehicle manufacturer Tesla.

Lazarus Group held 13,332 BTC valued at $1.12 billion as of publication time. This figure is 15% bigger than Tesla’s Bitcoin stockpile. Last month, Lazarus Group hacked crypto exchange Bybit, draining $1.46 billion in staked ether (ETH) and other ERC-20 tokens from the platform. This represented the largest crypto exchange hack in history. Most of the stolen funds were recently converted into Bitcoin using decentralized exchanges and cross-chain bridges.

Tesla’s foray into crypto started in January 2021 when it purchased $1.5 billion worth of Bitcoin. While the EV maker has since dumped 70% of its BTC stash to demonstrate the asset’s liquidity, it still holds 11,509 BTC worth $969 million. This makes it the world’s fourth-largest corporate Bitcoin holder.

Tesla CEO Elon Musk briefly accepted Bitcoin as a payment option for its electric vehicles in March 2021 but dropped the plans just a couple of weeks later, citing environmental concerns about BTC mining. The distinction between Lazarus and Tesla comes as U.S. President Elon Musk’s bullish view on crypto has prompted calls for increased Bitcoin adoption among nation-states and public companies.

Besides Tesla, Musk’s other space exploration company, SpaceX, also holds Bitcoin on its balance sheet. The Lazarus Group's significant Bitcoin holdings highlight the growing influence of cybercrime in the crypto industry. The group's ability to amass more Bitcoin than a major corporation like Tesla underscores the need for enhanced security measures and regulatory oversight in the crypto space. The situation also raises questions about the potential impact of such large-scale thefts on the overall stability and trust in the crypto market.