- G-7 leaders set to discuss North Korea’s $1.5B crypto thefts and cyber activities.
- North Korea’s rising cyber thefts and use of IT workers abroad will be discussed at the G-7 summit.
- G-7 summit to address North Korea’s growing cyber crimes and crypto theft operations.
Canadian Prime Minister Justin Trudeau and leaders of the other six G7 countries discussed some issues, anticipating the G7 summit scheduled in Quebec next month, including increased uncertainty due to cyber threats from North Korea and cryptocurrency fraud.
Such talks are held against the backdrop of growing global alarm concerning the attempts made by Pyongyang to employ cybercrime for the needs of its regime and armed forces. It has also emerged that the South Korean side of the summit will also discuss North Korea’s cyber activities.
With the help of various hacking computer programs and cyber attacks, North Korea has been allegedly stealing millions of dollars that have become an additional source of its revenues. The stolen cryptocurrencies, implying billions of US dollars, have helped North Korea evade sanctions and fund its unlawful projects, including the nuclear missile programme.
North Korea’s Cyber Army and the Surge in Crypto Theft
North Korea is noted to have a very professional cyber-army that is fully equipped for hacking. After the high-profile cyber attack on Sony Pictures Entertainment in 2014, the regime’s hackers have attacked cryptocurrency exchanges and firms and stolen digital currencies worth billions of dollars. One of the most recent events that occurred earlier this year involves North Korean hackers who stole $1.5 billion from the Bybit crypto exchange.
Last year, as blockchain analytics firm Chainalysis tracked, 41 cyberattacks were carried out by Democratic People’s Republic of Korea’s hackers, who made away with $1.34 billion from their victims. The article reveals that the total thefts have gone up in the past year and thereby points to how North Korea’s cyber capabilities are on the upgrade. It spends the proceeds from the stolen cryptocurrency on activities such as fuelling government projects, especially those of the military, and probably exploiting atomic power.
Use of IT Workers Abroad and the Impact on Global Security
Another worrying factor regarding North Korea’s usage of cyber is the use of IT workers in foreign countries. Such employees work for hire, commonly providing false information about themselves, to return the money to the regime. Some countries, such as China and Russia, have facilitated these operations. This enables North Korea to conduct its operations despite the sanctions it faces and generate income for its military facilities.
In one instance, a North Korean used the cryptocurrency exchange known as Kraken to seek a job opening as an engineer. The hacker had thus registered multiple fake identities in the job marketplace to work in technology companies. As the Justice Department of the United States pointed out, Pyongyang has sent thousands of highly qualified IT employees overseas to provide service to the regime and its weapons programs.
