As of February 2025, there have been no official announcements from North Korea regarding the establishment of a $1.5 billion strategic Ethereum ($ETH) reserve. However, reports indicate that North Korea has accumulated significant cryptocurrency holdings through illicit activities.

In 2020, experts estimated that North Korea had amassed a cryptocurrency “war chest” worth approximately $1.5 billion, primarily through cyber thefts and hacking operations. These funds are believed to support the nation’s illicit trade networks and supply chains, helping to circumvent international sanctions.

More recently, in 2022, blockchain analysis firm Chainalysis reported that North Korea-linked hackers stole $1.7 billion in cryptocurrency, marking a significant increase from previous years. These thefts have predominantly targeted Ethereum and related tokens, reflecting the growing value and popularity of such assets.

While these activities have resulted in North Korea holding substantial amounts of Ethereum and other cryptocurrencies, there is no evidence to suggest that the country has officially declared these holdings as a strategic reserve. The accumulation appears to be a byproduct of ongoing cyber operations aimed at evading sanctions and generating revenue for the regime.

It’s important to note that information regarding North Korea’s activities is often challenging to verify due to the secretive nature of the regime and the illicit context of these operations. Therefore, any claims about official reserves should be approached with caution unless corroborated by credible sources.