G7 Leaders Consider Discussing North Korea's Crypto Threat At Canada Summit: Report

Leaders of the Group of Seven (G7) countries are reportedly weighing whether they should include North Korea-backed cyberattacks and cryptocurrency thefts during their much-anticipated summit in Canada next month, according to a report by Bloomberg. The move comes as G7 leaders are increasingly aware of the "alarming" cyber activities of North Korea-linked hackers.

The G7 nations, which consist of the United States, United Kingdom, Canada, Italy, France, Germany, and Japan, will be heading to Alberta, Canada, in June to discuss various aspects of economy and geopolitical matters. However, with digital assets becoming major payment mediums and crypto exchange-traded funds driving institutional interest, hackers linked to the North Korean regime are also evolving to match the momentum.

Data from onchain analytics firm Arkham Intelligence shows that as of early Thursday, North Korea's Lazarus Group, a notorious hacking group linked to multiple cyberattacks and crypto thefts over the years, holds over $819 million worth of crypto assets. This includes an astonishing 8,032 Bitcoin (worth approximately $799 million).

In 2023, a White House official revealed that about half of North Korea's missile program has been funded by cyberattacks and crypto theft, raising serious concerns about the country's capabilities in deploying mass attacks. While the agenda of the June summit has not been finalized yet, at least two G7 nations – U.S. and Japan – have already moved to sanction cybersecurity attacks associated with North Korean hackers.

Notably, President Donald Trump's re-entry into the White House has put crypto into the global spotlight as he vowed to make America the global crypto superpower. It is unclear if his administration will raise the matter around crypto theft threats during the summit.

The Lazarus Group: A Notorious Hacking Group

Over the years, the Lazarus Group has been held responsible by some crypto sleuths and researchers for some of the most devastating attacks in the industry. Most recently, in February, leading crypto exchange Bybit suffered a $1.4 billion exploit that marked the largest single heist in crypto and blockchain history.

Prominent crypto sleuth ZachXBT pointed to Lazarus Group as the exchange's attacker, as confirmed by Arkham, which launched a bounty into the exploit. Likewise, ZachXBT said the $230 million exploit of Indian crypto exchange giant Wazir X "has the potential markings of a Lazarus Group attack (yet again)." The said exploit took place in mid-2024, resulting in millions of losses to WazirX users.

The growing threat posed by North Korea's cyber activities and crypto thefts has left many experts concerned. As the world moves towards a digital financial era, it is essential for global leaders to address this issue during the upcoming G7 summit. The question remains whether they will do so, and what consequences this might have on the global economy.