Bybit Insights: G7 Summit to Tackle North Korea’s $1.5B Crypto Heists Amid Rising Cyber Threats

The upcoming G7 Summit in Alberta, Canada, will address North Korea’s escalating cybercrime operations, particularly focusing on cryptocurrency thefts. With Pyongyang-linked hackers stealing over $1.5 billion in digital assets this year alone, global leaders are set to discuss countermeasures to safeguard financial institutions.

G7 Summit to Address North Korea’s Crypto Hacks and Cyber Threats

Leaders from the Group of Seven nations will convene in Alberta, Canada, next June to discuss North Korea’s escalating cybercrime operations, with a focus on cryptocurrency thefts. The talks follow a surge in attacks by Pyongyang-linked hackers targeting both traditional and decentralized financial institutions.

North Korean cybercriminals have reportedly stolen over $1.5 billion in digital assets this year alone, according to FBI investigations. Blockchain analytics firm Chainalysis documents 47 separate attacks netting $1.34 billion in 2024—doubling previous years’ totals. The hackers operate with military-grade infrastructure, recently breaching major exchanges including Bybit in a single high-value exploit.

German Authorities Seize €34 Million from Crypto Laundering Hub eXch

German authorities have dismantled eXch, a crypto swapping service linked to global cybercrime. The Frankfurt Public Prosecutor’s Office and Federal Criminal Police seized €34 million in digital assets and eight terabytes of data—marking Germany’s third-largest crypto confiscation.

eXch operated since 2014 as an unregulated hub for laundering stolen funds, including assets from the Bybit exploit and $243 million Genesis Creditor heist. The platform’s lack of KYC and refusal to cooperate with law enforcement made it a preferred conduit for criminals.

On-chain investigator ZachXBT previously exposed eXch’s ties to major hacks. The seizure underscores growing regulatory scrutiny of anonymous crypto services facilitating illicit flows.