G7 Summit Could Discuss North Korea's Crypto Hacks: Report

Next month's G7 summit in Alberta, Canada, may discuss North Korea's escalating cyberattacks and crypto thefts, according to a report by Bloomberg. While conflicts in Ukraine and Gaza are expected to dominate discussions, the group of seven leaders could also address the growing concern of North Korea's nefarious cyber operations.

The report, citing people familiar with the plans, suggests that North Korea's increasing cyber threats and crypto hacks have become a major concern requiring a coordinated international response. The stolen crypto has become a key funding source for the regime and its programs, fueling its weapons development ambitions.

North Korean-affiliated hacking groups, such as the Lazarus Group, have already made headlines this year with high-profile hacks worth billions of dollars. In February, they pulled off the largest ever crypto hack on Bybit, netting $1.4 billion. The group has also been linked to 47 crypto heists in 2024, resulting in over $1.3 billion in stolen funds.

The US, Japan, and South Korea have warned that North Korean hackers are not only targeting individual cryptocurrencies but also infiltrating companies as insider threats. "North Korean 'information technology (IT) workers also present an insider threat to private sector partners," a statement from the three countries read.

The illicit proceeds from these high-profile hacks have helped the hermit kingdom circumvent international sanctions and fund its weapons development programs, according to a US Treasury report in September. The report highlighted the sophistication of North Korean cyber attacks and the need for a coordinated global response.

In recent months, there have been several examples of North Korea's attempts to infiltrate cryptocurrency companies. In April, a group affiliated with Lazarus set up shell companies to deliver malware to unsuspecting users and scam crypto developers. Meanwhile, Kraken, a prominent cryptocurrency exchange, recently foiled an attempt by a North Korean hacker to infiltrate its organization.

Cyber threat intelligence expert Heiner Garcia and blockchain security researcher also uncovered how North Korean operatives secured freelance work online. In February, Garcia invited Cointelegraph to take part in a dummy job interview he had set up with a suspected North Korean operative, who accidentally shared details that linked him to the nation's crypto scams.

As tensions between North Korea and the international community continue to rise, it remains to be seen whether the G7 summit will address this growing concern. However, with high-profile hacks and cyber threats becoming increasingly sophisticated, a coordinated response from the global community may be necessary to counter this threat.