G7 leaders weigh discussing North Korean crypto hacks in June summit: Bloomberg

Group of Seven leaders may address the escalating threat of North Korea-backed cyberattacks and crypto theft at next month's summit in Canada, Bloomberg reported Wednesday, citing sources familiar with the summit's plans.

Bloomberg's sources reportedly described North Korea's cyber activities as "alarming" due to their role in funding the regime. A White House official previously said that North Korea funds its weapons of mass destruction and ballistic missile programs through crypto heists.

However, the agenda for the June G7 summit has not been finalized, with discussions over other geopolitical situations such as the Ukraine war likely to be prioritized, the sources said.

As digital assets became major payment and investment tools, North Korea launched numerous attacks on crypto firms through state-backed hacker groups, causing significant losses.

February's $1.4 billion hack on Bybit, the largest-ever attach on a centralized exchange, was attributed to a targeted malware attack by North Korea-backed hacker organization Lazarus Group. A large portion of the stolen funds has gone dark, having been quickly moved through crypto mixers and peer-to-peer exchanges.

Other significant crypto heists attributed to North Korean hackers include the $600 million Ronin Bridge exploit, attacks on Harmony's Horizon Bridge, and a breach of the DMM Bitcoin exchange in Japan.

North Korean cyber actors have also taken diversified strategies to siphon away crypto funds, from exploiting vulnerabilities in DeFi protocols and blockchain bridges to deploying sophisticated social engineering campaigns, such as fake job interviews and phishing attacks.

Last month, hackers linked to the Lazarus Group created three shell companies to target crypto developers with malware, according to cybersecurity firm Silent Push. Two out of three companies were registered in the U.S.

The U.S., South Korea, Japan, and other countries have taken action to sanction these cybersecurity attacks; however, such attacks remain rampant. Earlier this month, the U.S. Treasury proposed banning Cambodia's Huione Group from the U.S. financial system for allegedly helping North Korea launder stolen crypto funds.

In 2024, North Korean hackers stole $1.34 billion across 47 incidents, according to Chainalysis, making up 61% of all cryptocurrency theft that year. The blockchain analytics firm stated that hacking methods are becoming more sophisticated, with stolen funds being increasingly difficult to trace.