G7 summit could discuss North Korea’s crypto hacks: Report

Group of Seven (G7) leaders could discuss North Korea’s escalating cyberattacks and crypto thefts at an upcoming summit in Canada, mid-next month.

Conflicts in Ukraine and Gaza will dominate discussions, but North Korea’s increasing cyber threats and crypto hacks have become a major concern requiring a coordinated international response, Bloomberg reported on May 7, citing people familiar with the plans.

The people said North Korea’s nefarious cyber operations are alarming, as the stolen crypto has become a key funding source for the regime and its programs. 

North Korean-affiliated hacking groups such as the Lazarus Group have already stolen billions of dollars worth of crypto this year, including pulling off the $1.4 billion hack on Bybit in February, the largest ever for the crypto industry.

North Korean-linked hackers also stole more than $1.3 billion through 47 crypto heists during 2024, according to blockchain analytics firm Chainalysis. The US, Japan and South Korea warned in January that North Korea also deployed tech workers to infiltrate crypto companies as insider threats.

North Korean “information technology (IT) workers also present an insider threat to private sector partners,” the statement 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.

Related: North Korean crypto attacks rising in sophistication, actors — Paradigm

In April, a group affiliated with Lazarus set up three shell companies, with two in the US, to deliver malware to unsuspecting users and scam crypto developers. 

Earlier this month, crypto exchange Kraken detailed how it foiled an attempt by a North Korean hacker to infiltrate its organization.

Kraken’s chief security officer, Nick Percoco, conducted trap identity verification tests that the candidate failed, confirming the deception. 

Cyber threat intelligence expert at Telefónica and blockchain security researcher, Heiner Garcia, 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.

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