North Korea Becomes Largest Ethereum Holder After Bybit Hack, Stealing Nearly 500,000 ETH
Bybit recently suffered a massive hack worth approximately $1.5 billion, marking the largest cryptocurrency exchange hack in history. According to multiple on-chain analysts, North Korean hacker group Lazarus is suspected to be behind the attack. If North Korea indeed secured 500,000 ETH through this breach, it could have a significant impact on the Ethereum network.
Ethereum currently operates on a Proof-of-Stake (PoS) system, requiring validators to stake a certain amount of ETH to run nodes. If North Korea stakes all the Ethereum it acquired, it could become one of the largest node operators on the network.
According to Ultrasound Money, the total amount of staked Ethereum in the network stands at approximately 34 million ETH. Should North Korea stake its 500,000 ETH, it would account for about 1.5% of the total staked supply. Given the current annual staking reward rate of 2.9%, North Korea could earn around 14,500 ETH per year, translating to approximately $40 million. This illicit revenue stream could potentially fund the country’s nuclear weapons program and missile tests, raising serious concerns for global security.