Japan is positioned to advocate for a unified approach among G7 nations to combat North Korea’s escalating activities in cryptocurrency theft. Prime Minister Shigeru Ishiba is set to address this pressing concern during the upcoming summit scheduled for June 15 to 17 in Canada.
Key Points:
Japan will push for G7 nations to take joint action against North Korean crypto heists during the June summit.
This call to action follows a significant $307 million hack involving DMM Bitcoin, attributed to the North Korean group TraderTraitor.
The proposed measures would signify the G7’s inaugural coordinated response to state-sponsored threats in the realm of cryptocurrency.
Reports from Japanese media indicate that Prime Minister Ishiba will emphasize the need for enhanced cooperation among G7 member countries to bolster oversight of digital asset markets and to deter illicit financial transactions connected to state-endorsed cybercriminals.
The initiative aims to tackle cybercrime that not only supports North Korea’s armed programs but also jeopardizes global non-proliferation efforts.
G7 Poised for First Collective Action on North Korean Crypto Threats
Should this initiative receive approval, it will represent the first occasion that the G7 formally engages in discussions surrounding joint measures against nation-state threats associated with cryptocurrency.
The Group of Seven consists of Canada, France, Germany, Italy, Japan, the UK, the U.S., and the European Union.
This renewed initiative from Japan comes on the heels of a $307 million cyber heist from DMM Bitcoin, a major Japanese cryptocurrency exchange.
Japanese authorities, in collaboration with the FBI, have linked the attack from May 2023 to the North Korean hacker group TraderTraitor, which is also known as Jade Sleet and UNC4899.
The breach is reported to have commenced with a social engineering tactic whereby a North Korean operative, masquerading as a recruiter, gained access to an employee at Ginco, a wallet software provider for DMM Bitcoin.
Once inside, the operative implemented a malicious Python script that penetrated Ginco’s internal systems, ultimately manipulating a transaction request to facilitate the theft of over 4,500 BTC.
Authorities were able to trace the misappropriated funds back to wallets linked to TraderTraitor, a group already facing U.S. sanctions for its involvement in cyberattacks intended to finance North Korea’s military objectives.
The fallout from the DMM incident led to the suspension of operations at the exchange and reignited discussions about the security weaknesses inherent in cryptocurrency infrastructure.
North Korea’s Involvement in High-Profile Crypto Heists
North Korea has gained notoriety for its involvement in various substantial crypto thefts, targeting platforms such as Bybit, the Ronin Bridge, Harmony, and numerous decentralized finance (DeFi) services.
In response to these threats, global law enforcement has ramped up efforts. The U.S. Department of Justice recently initiated moves to seize over $7.7 million in digital assets linked to North Korean IT personnel engaged with blockchain companies.
Additionally, in 2023, the U.S. and South Korea formalized a bilateral agreement aimed at strengthening their capabilities to detect and counter North Korean cyber initiatives.
As North Korean cyber tactics evolve, instances of cyber operators linked to the Lazarus group reportedly establishing U.S.-based shell companies for the distribution of malware to cryptocurrency developers have surfaced.
In a recent incident, Kraken successfully thwarted an infiltration attempt by an individual suspected of being a North Korean operative, who was posing as a job candidate.
BREAKING: KRAKEN CAUGHT A NORTH KOREAN HACKER TRYING TO STEAL IT’S #BITCOIN
THIS IS WILD!! pic.twitter.com/togb4KyBNJ
— The Bitcoin Historian (@pete_rizzo_) May 1, 2025
The article “Japan to Press G7 on Coordinated Crypto Crackdown Targeting North Korea” originally appeared on Finance Newso.
