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- G7 leaders plan to address North Korea’s crypto theft operations, aiming to curb funds fueling weapons programs.
- North Korean hackers continue global crypto attacks, using evolving tactics like fake interviews and shell companies for infiltration.
Leaders of the Group of Seven nations are on the verge of addressing the spate of cryptocurrency heists linked to the regime of the isolated nation at their June summit, Bloomberg reported on Wednesday, quoting people with knowledge of the preparations. The summit, which is to be held next month in Canada, could discuss cyberattacks involving the regime of the isolated nation.
North Korea’s cyber activity has been termed “alarming” by officials because it has resulted in a sizeable source of revenue for the regime. A White House official said that cryptocurrency stolen from them has gone toward financing North Korean weapons of mass destruction as well as the development of ballistic missiles.
While the agenda remains on the table, sources indicated that the issues on top of the agenda could be the war in Ukraine, for which the main priority might be discussed. Nevertheless, the threat of cyberattacks from North Korea could find a slot in the negotiations as well.
Record-Breaking Crypto Heists Prompt International Scrutiny
North Korea’s cryptocurrency heist has increased in magnitude with the rise of cryptocurrency to the forefront in the fields of both payment and investments. Pyongyang has had state-sponsored groups of hackers associated with numerous prominent attacks on crypto exchanges across the globe.
One of the biggest breaches happened in February when hackers linked to the North Korea-based Lazarus Group hacked Bybit, stealing $1.4 billion from the exchange via a targeted malware attack. It is the largest recorded heist from a centralized cryptocurrency exchange. Much of the hacked digital assets went missing immediately as they were routed through crypto mixers and peer-to-peer trading sites.
Apart from the Bybit breach, there have also been several other massive hacks attributed to North Korean hackers, with the likes of the $600 million Ronin Bridge exploit, Harmony’s Horizon Bridge attack, and compromise of the Japanese DMM Bitcoin exchange.
Sanctions Struggle to Keep Pace with Growing Threat
In spite of sanctions by South Korea and Japan along with the U.S., cyber heists carried out by North Korea have continued unabated. The U.S. Treasury recently acted to prohibit Cambodia’s Huione Group from involvement in the U.S. financial network for facilitating money laundering of illicit crypto proceeds for North Korea.
Data from blockchain analysis company Chainalysis showed hackers in North Korea stole $1.34 billion from 47 separate hacks during 2024, which made up 61% of cryptocurrency theft for the year. It warned that the methods being used by North Korea are constantly evolving, which is making it harder to trace the funds that have been hacked.
Cybersecurity experts have additionally warned that North Korean IT professionals pose a threat from within organizations. An American Treasury report in September illustrated that revenue from those cyberattacks was used to evade sanctions and fund weapons programs.
