G7 Leaders to Discuss North Korean Hacking Group Lazarus' Cyber Attacks and Crypto Thefts

The world's most advanced economies are set to come together in June for a crucial meeting in Canada, where the topic of North Korea's notorious cyber attacks and crypto thefts is likely to be on the agenda. According to a Bloomberg source, the G7 leaders will discuss the growing threat posed by North Korea's hacking exploits, including the Lazarus Group, which has been responsible for some of the most high-profile cyber attacks in recent years.

The Lazarus Group, believed to be linked to the North Korean government, has been on a rampage, pulling off massive crypto hacks and leaving a trail of destruction in its wake. In just this year alone, they've managed to hack into the Bybit exchange for a staggering $1.5 billion in crypto. That's not all - they were also responsible for hacking an impressive $1.34 billion worth of digital assets in 2024, with 47 different attacks distributed across various targets.

The G7 countries are keenly aware of the threat posed by North Korea's hacking activities, as the stolen crypto is often used to fund nefarious activities that benefit the regime. The global community cannot afford to ignore this threat any longer, and it's likely that the G7 will have to make a response.

The Canadian Prime Minister, Mark Carney, will be hosting this year's event at Kananaskis, Alberta, between June 15 and 17. The G7 is an organization that brings together seven of the world's most advanced economies, including Germany, Japan, Italy, France, the UK, the US, and Canada. With North Korea's nuclear ambitions already on their radar, it's likely that this meeting will address the growing threat of nuclear proliferation once again.

But what's new about this meeting is the focus on crypto hacks. The attacks are increasing in frequency and sophistication, with 2023 seeing a much smaller scale than 2024 and 2025. North Korea has been using its alleged hacking activities to fund its military operations, as well as employing schemes like workers infiltrating Western crypto businesses to send proceeds back to the regime.

One of the most recent examples of this is Kraken's discovery of a North Korean operative trying to infiltrate their exchange with false identity details and a computer setup to disguise his location. This is just one of the many campaigns that the G7 will be interested in, including the large-scale infiltration of labor markets, such as startups in the US, China, and Russia.

North Korean IT workers can use legitimate means of employment to make an income, only to fund military activities back in North Korea. This raises serious concerns about the conflict between Russia and Ukraine, which may be further emboldened by North Korea's support for Russia. The G7 will likely focus on this conflict, as well as the added threat of North Korea using its hacking exploits to extend wars that the G7 disagrees with.

The global community has been too slow to respond to North Korea's cyber attacks in the past. But with crypto losses reaching the billions, it's clear that this is no longer an issue that can be ignored. The G7 meeting will likely mark a turning point in the response to this threat, and it remains to be seen what concrete actions will be taken to address this growing menace.