G7 world leaders will gather in Alberta, Canada this June with a new type of threat in mind — North Korea’s increasing role in cryptocurrency heists and cyberattacks. Though wars in Gaza and Ukraine will dominate much attention, the North Korean hackers’ issue is likely to raise serious debate behind closed doors.
Experts and government officials have stated that funds pilfered during these raids are not utilized for high-end consumer spending or offshore bank accounts. Rather, they are purportedly funneled directly into North Korea’s defense initiatives. That includes programs associated with missile technology and nuclear weapons — spheres under intense global sanctions.
Cryptocurrency has provided Pyongyang with an end-run around those sanctions. The isolated state can now secretly finance its weapons programs without using conventional banking. Western powers have sounded warnings about this increasing threat, and the G7 wishes to give a clear indication that these actions will no longer be accepted.
The hacking isn’t the biggest issue. North Korea has also created a worldwide corps of freelance cyber workers. It’s common for them to live in nations such as China or Russia and list themselves for distant work under an assumed name.
In one recent instance, one North Korean was able to breach the hiring process at a crypto firm, applying repeatedly under different names. The US Department of Justice stated that these employees use phony resumes, burner email accounts, and even unsuspecting American middlemen to get past background checks.
Featured image from Shutterstock, chart from TradingView
