rewrite this title G7 to Discuss Crypto Hacks, Tackle North Korean Issue: Report – Decrypt

Leaders from the Group of Seven countries are reportedly looking to discuss how the numerous crypto hacks and malicious cyber activities that North Korea has engaged in for years could be addressed and mitigated.

Discussions will likely center around mounting geopolitical concerns and trade tensions between the U.S. and the G7’s other member countries, according to an initial report from Bloomberg citing sources with knowledge of the summit’s plans.

North Korea’s actions have been characterized as alarming, with investigations revealing how stolen funds, most of which stem from the crypto industry, have been used to support its development of weapons of mass destruction.

The summit, hosted by Canadian Prime Minister Mark Carney at Kananaskis, Alberta, will run from June 15 to 17, bringing leaders from the world’s seven most advanced economies.

G7 member countries include France, Germany, Italy, Japan, the U.K., the U.S., and this year’s host, Canada.

Crypto hacking playbook

The Democratic People’s Republic of Korea (DPRK) has established a rigorous cyber operation in recent years, often possessing sophisticated means to target and seize digital assets from vulnerable protocols.

Its offensives have gained notoriety for employing increasingly complex tactics, resulting in major losses, some of which have included Axie Infinity’s loss of $622 million or WazirX’s $230 million theft.

The discussions come as North Korea has shown deepening ties with Russia in recent years, which have included sending military aid to the former Soviet empire amid its ongoing invasion of Ukraine.

Those ties heighten threats “by sharing tools and expertise, complicating attribution and response efforts,” Luis Lubeck, project manager at crypto cybersecurity firm Hacken, told Decrypt in December last year.

Beyond the more commonly known Lazarus Group, other threat actors are working behind the scenes, according to an analysis of the regime’s operational structure by blockchain security expert Samczsun of research-driven crypto investment firm Paradigm.

In February, crypto exchange Bybit suffered the industry’s largest hack at $1.4 billion, with North Korea’s Lazarus Group pegged as the culprit by cybersecurity firms and later confirmed by federal authorities.

Edited by Sebastian Sinclair