G7 Leaders to Address North Korea’s Crypto Theft Crisis

• North Korea’s cyber attacks on Crypto verse will be a topic of discussion in the upcoming G7 summit.
• North Korean hackers stole over $1.3 billion through 47 separate crypto heists in 2024, according to Chainalysis.

North Korea’s cyber attacks on the crypto domain are expected to be on the agenda at the upcoming G7 summit in Canada next month.. This is an indication that the world is increasingly becoming worried about North Korea’s cyber activities.

However, the issues in Ukraine and Gaza will remain the focal points of the talks. But diplomatic intelligence shows that North Korea has gone a notch higher in its attacks on digital assets. And, this calls for collective action.

They have stolen billions worth of digital currency this year alone. As per US Treasury reports, the proceeds are used directly to fund weapons development programs. These funds also assist the isolated nation in bypassing sanctions.

Unprecedented Scale of Digital Theft Calls for Action

The North Korean hacking groups, especially the Lazarus Group, have launched more complex attacks in 2024. This is in addition to February’s $1.4 billion Bybit hack, which is the biggest crypto theft to date. Blockchain analysis firm Chainalysis reveals that cybercriminals allegedly associated with North Korea have stolen more than $1.3 billion in 47 attacks in 2021.

Besides the direct theft, the regime has adopted various tactics, such as infiltrating IT workers into the cryptocurrency organizations as insiders. The cryptocurrency exchange platform known as Kraken recently revealed that it once had to deal with a North Korean spy during the recruitment process.

The potential G7 discussion shows that there is an emerging understanding that North Korea’s cyber activities are not limited to cybercrimes. But they are a threat to the financial system and the current world order, which necessitates a collective political and security approach.

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