G7 May Address North Korea’s Crypto Thefts at June Summit

Leaders of the Group of Seven (G7) are expected to raise the issue of North Korea’s growing cyberattacks and cryptocurrency thefts at their upcoming summit in Canada next month, according to sources familiar with the agenda.While global conflicts in Ukraine and Gaza are anticipated to dominate the discussions, Bloomberg reported on May 7 that North Korea’s increasingly sophisticated cyber operations have become a pressing concern for G7 nations.The stolen digital assets are believed to be a crucial funding source for the country’s weapons programs, prompting calls for coordinated international action.Lazarus Group Leads North Korea’s Surge in High-Profile Crypto HacksNorth Korean hacking groups, particularly the notorious Lazarus Group, have been linked to numerous high-profile attacks.The group was reportedly behind a $1.4 billion heist targeting crypto exchange Bybit in February—the largest known crypto theft to date.In total, North Korean-affiliated actors are believed to have stolen over $1.3 billion across 47 incidents in 2024 alone, according to blockchain analytics firm Chainalysis.In addition to external breaches, North Korea has employed subtler strategies such as infiltrating crypto companies through rogue IT workers posing as freelance developers.In January, the United States, Japan, and South Korea issued a joint warning about this insider threat.These tactics, experts say, are part of a broader effort to bypass international sanctions and funnel illicit proceeds into the country’s missile development programs.Canada is proud to host the @G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, AB, May 20-22. This is an opportunity to discuss issues impacting global economic stability and growth, ahead of the 2025 G7 Leaders’ Summit in June. pic.twitter.com/ML0O3wzXS4— Finance Canada (@FinanceCanada) May 2, 2025The cyber campaign continues to evolve. In April, operatives linked to Lazarus reportedly established three shell companies—including two in the U.S.—to distribute malware targeting crypto developers.Meanwhile, crypto exchange Kraken recently revealed it had uncovered and blocked an infiltration attempt by a suspected North Korean agent posing as a job candidate.The candidate failed a series of identity verification traps set by the company’s security team.Adding to the growing body of evidence, cybersecurity researcher Heiner Garcia staged a dummy job interview with another suspected North Korean operative.The individual inadvertently disclosed clues that linked him to past crypto scams tied to the regime.Crypto Hacks Surge in 2025 as Losses Top $1.74 Billion in Four MonthsHackers stole over $92.4 million from crypto projects in April 2025 alone, according to blockchain security firm Immunefi.The figure represents a 27.3% year-over-year increase and more than double the losses reported in March.April’s attacks occurred across 15 incidents, with two major exploits accounting for the bulk of the damage.UPCX, an open-source platform, lost $70 million in a single attack, while decentralized exchange KiloEx was hit for $7.5 million.Other affected projects included Loopscale, ZKsync, Term Labs, and Bitcoin Mission, each experiencing losses exceeding $1 million.Cumulatively, the first four months of 2025 have already seen $1.74 billion in crypto losses—more than all of 2024, which totaled $1.49 billion.Immunefi previously noted that Q1 2025 was the worst quarter for hacks in crypto history, driven largely by massive breaches of centralized exchanges Phemex and Bybit.The post G7 May Address North Korea’s Crypto Thefts at June Summit appeared first on Cryptonews.