By Nermeen Nabil Khear 
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 Overshadows Tesla In Bitcoin Holdings
Lazarus Group held 13,332 BTC valued at $1.12 billion as of publication time, data from Akrham Intelligence shows. 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.
Meanwhile, 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, according to Arkham — making 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.
Trump recently emphasized his commitment to turning the U.S. into the “undisputed Bitcoin superpower and the crypto capital of the world.” As such, it will be fascinating to see if Musk, who is the richest man in the world and the head of the Department of Government Efficiency (D.O.G.E.) will respond to Tesla’s BTC stash being surpassed by the North Korean hacker group.
Besides Tesla, Musk’s other space exploration company, SpaceX, also holds Bitcoin on its balance sheet.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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