KEY POINTS
- Sources told Bloomberg that G7 leaders were considering if the matter was worth discussing at the summit
- Lazarus Group is at center of crypto thefts, as the latest data showed that the North Korea-linked hacking group holds over $800M in crypto
- The hackers are associated with the $1.4 billion and $230 million exploits of Bybit and WazirX, respectively
Leaders of the Group of Seven (G7) countries are reportedly weighing whether they should include North Korea-backed cyberattacks and cryptocurrency thefts during their much-anticipated summit in Canada next month.
G7 leaders are increasingly aware of the “alarming” cyber activities of North Korea-linked hackers, and the matter may arise during the summit, Bloomberg reported Wednesday, citing sources familiar with plans around the summit.
Digital assets in the spotlight ahead of G7 summit
Leaders of the G7 nations, which consist of the United States, United Kingdom, Canada, Italy, France, Germany, and Japan, are heading to Alberta, Canada, in June to discuss various aspects of economy and geopolitical matters at a time when the world is fast-moving toward a digital financial era.
Digital assets and cryptocurrencies are becoming major payment mediums, and with crypto exchange-traded funds (ETFs) driving institutional interest, hackers linked to the North Korean regime are also evolving to match the momentum.
Data from onchain analytics firm Arkham Intelligence shows that as of early Thursday, North Korea’s Lazarus Group, a notorious hacking group linked to multiple cyberattacks and crypto thefts over the years, holds over $819 million worth of crypto assets, including a staggering 8,032 Bitcoin (worth approximately $799 million).
In 2023, a White House official revealed that about half of North Korea’s missile program has been funded by cyberattacks and crypto theft, raising serious concerns about the country’s capabilities in deploying mass attacks.
While the agenda of the June summit has not been finalized yet, at least two G7 nations — U.S. and Japan — have already moved to sanction cybersecurity attacks associated with North Korean hackers.
Notably, President Donald Trump’s re-entry into the White House has put crypto into the global spotlight as he vowed to make America the global crypto superpower. It is unclear if his administration will raise the matter around crypto theft threats during the summit.
Lazarus Group deals massive losses to crypto industry
Over the years, Lazarus Group has been held responsible by some crypto sleuths and researchers for some of the most devastating attacks in the industry.
Most recently, in February, leading crypto exchange Bybit suffered a $1.4 billion exploit that marked the largest single heist in crypto and blockchain history.
Prominent crypto sleuth ZachXBT pointed to Lazarus Group as the exchange’s attacker, as confirmed by Arkham, which launched a bounty into the exploit.
Likewise, ZachXBT said the $230 million exploit of Indian crypto exchange giant Wazir X “has the potential markings of a Lazarus Group attack (yet again).” The said exploit took place in mid-2024, resulting in millions of losses to WazirX users.
