CZ Reacts to North Korean Hackers Holding Over $1 Billion in Bitcoin

CZ Reacts to North Korean Hackers Holding Over $1 Billion in Bitcoin

Changpeng Zhao, widely known in the crypto space as CZ and the former CEO of Binance, has weighed in on recent reports regarding North Korean hackers’ Bitcoin holdings. Despite stepping down as CEO, CZ remains Binance’s largest shareholder and continues to engage with key industry discussions.

North Korea Becomes the Third-Largest State Bitcoin Holder

Binance Product Advisory Council member and X user @Berit1p recently shared a screenshot from Arkham Intelligence, revealing staggering Bitcoin reserves held by the North Korean state-backed hacking collective, the Lazarus Group. According to Arkham’s data, the group controls an astonishing 13,518 BTC, valued at approximately $1.16 billion.

With such a massive stash, North Korea has now positioned itself as the third-largest government holder of Bitcoin, trailing only the United States and the United Kingdom.

The same data shows that the UK government holds 61,245 BTC, worth around $4.05 billion. This Bitcoin cache primarily originates from the UK Metropolitan Police’s 2018 confiscation of 61,000 BTC from Jian Wen and Zhimin Qian. The duo allegedly acquired the funds through a Chinese investment scam that operated between 2014 and 2017. The UK police ultimately gained access to the seized Bitcoin in July 2021.

Meanwhile, the US government leads the rankings with 198,109 BTC, valued at approximately $16.52 billion. The US also holds additional crypto assets, including ETH, BNB, WBTC, TRX, and SAND, bringing its total cryptocurrency holdings to over $16.9 billion.

CZ’s Witty Take on North Korea’s “Crypto Reserves”

In response to the revelation, CZ humorously commented on the post, quipping, “Different ways to build a strategic crypto reserve”, accompanied by a laughing emoji. His remark playfully alludes to the unconventional methods by which North Korea has amassed its crypto fortune.

CZ Warns Against Excessive Crypto Minting

Earlier today, CZ also issued a cautionary note to developers regarding the creation of new cryptocurrencies. In what he described as an “unpopular opinion” about AI agents and their interaction with crypto, CZ stated that “while crypto is the currency for AI, not every agent needs its own token.”

He elaborated that existing cryptocurrencies are sufficient for AI-driven services to accept payments and fees, warning against unnecessary token proliferation. His message underscores the importance of scalability and practicality when introducing new crypto assets.

As always, CZ remains an influential voice in the crypto industry, offering insights and witty observations on the ever-evolving digital asset landscape.