G7 to Confront North Korea's Crypto-Funded Cybercrime Surge
Leaders of the Group of Seven nations are set to address the escalating threat of North Korea's cryptocurrency-fueled cybercrime at their upcoming summit in Alberta, Canada. The agenda reflects growing international concern over Pyongyang's use of digital asset theft to circumvent sanctions and finance its weapons programmes.
North Korea has emerged as a dominant force in global cybercrime, with its state-sponsored hacking groups, notably the Lazarus Group and TraderTraitor, orchestrating sophisticated attacks on cryptocurrency platforms. In 2024 alone, these groups were responsible for stealing over $1.3 billion in digital assets, accounting for approximately 61% of the total crypto thefts that year. Such activities have significantly bolstered North Korea's foreign currency reserves, with cyberattacks reportedly generating up to 50% of the country's foreign exchange earnings.
One of the most significant incidents attributed to North Korean hackers was the $1.5 billion theft from the Dubai-based cryptocurrency exchange Bybit in early 2025. The attackers employed malware-laden trading applications to infiltrate the platform, subsequently laundering the stolen funds through a complex network of blockchain transactions. This breach not only marked the largest crypto heist to date but also underscored the regime's advanced cyber capabilities.
Beyond large-scale exchange hacks, North Korean cybercriminals have diversified their tactics to include social engineering schemes. The 'pig butchering' scam, for instance, involves operatives establishing fake online relationships to manipulate victims into investing in fraudulent cryptocurrency ventures. Such schemes have defrauded individuals, particularly retirees, of billions of dollars, further fueling Pyongyang's illicit revenue streams.
The international community has responded with a series of sanctions and regulatory measures aimed at curbing North Korea's cyber activities. In May 2025, the U.S. Treasury's Financial Crimes Enforcement Network proposed banning Cambodia-based financial firm Huione Group from accessing the U.S. financial system. Huione is accused of laundering at least $4 billion in illicit funds, including $73 million in cryptocurrency linked to North Korean cyber heists. Similarly, South Korea imposed sanctions on 15 North Korean individuals involved in cyber theft and crypto heists, targeting their overseas operations that funnel funds back to Pyongyang's weapons development programmes.
See also FFGI Set to Launch ERC-20 FFG Token to Transform Film Financing
Despite these efforts, North Korea continues to refine its cyber strategies. The regime has reportedly infiltrated foreign companies by deploying operatives posing as freelance IT workers, thereby gaining access to sensitive systems and facilitating further cyberattacks. Such tactics not only enhance the regime's ability to steal digital assets but also pose significant risks to global cybersecurity.
Arabian Post – Crypto News Network
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
18 minutes ago
- Gulf Business
Ohana Development's Husein Salem on the future of branded residences in the UAE
Image: Supplied Merging haute horology with high-end real estate, Ohana Development recently partnered with Jacob & Co. to launch the Dhs4.7bn Jacob & Co. Beachfront Living by Ohana. This project introduces the world's first Jacob & Co. Beach Club and Seafront Cigar Lounge. In this interview with Gulf Business , the company's CEO Husein Salem shares insights into the genesis of this unique collaboration, the meticulous planning behind its world-first amenities, and the evolving landscape of branded residences in the Middle East. Jacob & Co. Beachfront Living by Ohana is positioned as a Dhs4.7bn development. How did the partnership with Jacob & Co. come about, and what does this collaboration bring to the UAE luxury real estate market that hasn't been seen before? The partnership with Jacob & Co. came from a shared goal to create a development that goes beyond typical branded residences. We wanted to introduce something new to the UAE market — a project that redefines what it means to live luxuriously in the UAE, where a brand is involved in more than just name. Jacob & Co. has been part of the creative process from the start, contributing to the design and detailing, including features like the 10-metre-wide ceiling timepiece in the grand lobby and brand interiors inspired by their most celebrated watches and jewellery. This level of involvement sets the project apart. It's the first time a residential development in the region blends high-end coastal living with the design language of fine watchmaking and jewellery. Image: Supplied From Sky Mansions with 360-degree views to a 10-metre-wide ceiling timepiece and the world's first Jacob & Co. Beach Club and branded Seafront Lounge. How does Ohana plan to operate and maintain these world-first amenities to meet global ultra-luxury standards long-term? We recognise that design is only half the equation — true luxury is defined by how it endures and functions over time. At Ohana, operations and maintenance are treated with the same level of precision as the architecture. We've developed the entire service model in-house to reflect the Jacob & Co. standard, covering everything from lifestyle programming to amenity management. A dedicated operations team will oversee all aspects of the resident experience – from concierge and hospitality services to security – ensuring a seamless, high-touch environment tailored for ultra-high-net-worth individuals. The goal is to keep the experience seamless and high-quality from day one, with systems in place to adapt to residents' needs over time. Image: Supplied With the project slated for completion by Q2 2028, what steps are you taking to ensure timely delivery and what milestones should potential buyers and investors expect in the next year or two? Timely delivery is a core part of our promise at Over the next 12 to 24 months, buyers and investors can expect to see steady progress on the project, including foundational works, structural milestones and development updates. Our internal delivery team is fully focused on bringing this vision to life with precision. Regular communication with our community will be a priority, ensuring that every stakeholder remains engaged throughout the journey. What makes branded residences appealing to today's high-net-worth buyers, and how do they differ from traditional luxury real estate offerings? Branded residences appeal to today's high-net-worth buyers because they offer more than just luxury finishes or prime locations — they offer a lifestyle tied to a brand they already trust. These buyers are more selective and value a sense of identity and consistency in their investments. What sets branded residences apart from traditional luxury real estate is the added layer of design, service, and brand alignment. In the case of Jacob & Co., it's not just about putting a logo on a building — it's about reflecting the brand's values throughout the project, from architecture to amenities. This makes the experience more distinctive, which is exactly what today's buyers are looking for. From a developer's perspective, what are the key factors that determine the success of a branded residence project in today's competitive market? From a developer's perspective, the success of a branded residence depends on three core elements – authenticity, quality execution, and long-term value. The brand should be fully integrated into the project, not just used for marketing. When there's a true alignment between the brand's identity and the development's purpose, you create something far more compelling than just a luxury address. Every part of the development, from the design to the service model, should reflect the brand's identity. But that is only part of it. The quality of execution must meet expectations with strong design, reliable construction, and consistent delivery standards. The real test comes over time. A successful branded residence should grow in cultural and commercial value, becoming more desirable as the years go by, not fade. We treat each project as a long-term investment, for both us and our buyers. We focus on building something that lasts, and that mindset is what sets us apart. With the rise of branded residences globally, how is the Middle East market evolving in this segment, and what kind of demand trends are you seeing from regional and international buyers? The Middle East is no longer reacting to global real estate trends — it's actively shaping them. Branded residences are a clear reflection of this shift. In this region, and particularly in the UAE, such collaborations bring an added layer of quality, storytelling, and exclusivity that aligns with the expectations of today's These partnerships go beyond simple brand recognition; they're about creating a lifestyle anchored in authenticity, heritage, and design integrity. Abu Dhabi is emerging as a key player in this segment. Its growing emphasis on cultural capital, sustainability, and long-term economic planning has positioned it as a destination of choice for investors seeking more than just real estate. There's a genuine interest in properties that offer meaning — where people feel part of a vision and a place. We see these dynamics evolving in real time. Buyers today are more selective, design-aware, and globally connected. They're not just investing in a home; they're investing in a brand experience that reflects their values and aspirations. This is especially evident among younger regional buyers, who prioritise personalisation, wellness, privacy, and meaningful design. Branded residences, when done right, deliver on all of that — and that's fundamentally reshaping how we approach architecture, digital integration, and community engagement in the region.
Fintech News ME
an hour ago
- Fintech News ME
Stride Ventures Expands in Saudi as Venture Debt Surges in GCC
Stride Ventures, a India-based player in venture debt, has announced a significant expansion across the Gulf Cooperation Council (GCC), with Saudi Arabia at the centre of its regional strategy. This includes doubling its local team and opening a second regional office, signalling a growing focus on alternative financing models in the region. The announcement aligns with the release of the inaugural Global Venture Debt Report 2025, published by Stride Ventures in collaboration with consultancy firm Kearney. According to the report, while the global venture debt market has grown at a compound annual growth rate (CAGR) of 14% over the past five years, the GCC market has expanded at 54% CAGR, reaching US$500 million in 2024 from $60 million in 2020. Saudi Arabia has been a key driver of this growth. This development is largely attributed to Vision 2030, Saudi Arabia's initiative to diversify its economy beyond oil. State-backed efforts such as the Jada Fund of Funds, which manages US$1.07 billion in assets, and collaborations with international asset managers including Goldman Sachs and Franklin Templeton, have helped bolster private credit markets. Regulatory bodies and innovation hubs in Abu Dhabi, such as the ADGM and Hub71, have also contributed to creating a supportive environment for venture debt and private capital. Historically, traditional banks in the GCC have been hesitant to lend to early-stage, asset-light startups. Venture debt, which offers non-dilutive and flexible financing, has emerged as a viable alternative. Companies like Tabby and Tamara in the fintech sector have secured over US$100 million each in venture debt deals, setting precedents for other sectors such as logistics, healthtech, and climate tech. Stride Ventures has grown its team in the GCC by more than 60% over the past year and aims to triple its regional assets under management by 2026. The firm is targeting a US$500 million commitment in the region over the next three to five years. Its most recent fund is reportedly close to being oversubscribed. Currently, Stride Ventures has an active investment pipeline of approximately US$110 million in the region, with average deal sizes around US$10 million. This points to increasing demand among startups for debt financing that avoids equity dilution. Stride's model of providing substantial, flexible funding is intended to support startups aiming for rapid but sustainable growth. There is also a noticeable shift in talent flows, with senior professionals from established financial centres such as Silicon Valley, London, and Singapore relocating to Riyadh. 'Saudi Arabia is shaping the future of venture capital and private credit with intention and scale,' said Fariha Ansari Javed, Partner at Stride Ventures. 'We are seeing a new generation of founders who understand the value of non-dilutive capital to scale responsibly and an equally ambitious set of investors in the region ready to fuel their growth.' This signals a broader shift in the region's financial role. Traditionally viewed as a source of capital, the Middle East is now positioning itself as a centre for innovation financing. As Javed noted, 'Saudi Arabia is moving from being a capital source to becoming a capital magnet. Stride is proud to be part of this next chapter.' The key question now is not whether venture debt will take hold in the GCC, but how quickly it will scale, and whether regional institutions can evolve to meet the needs of a changing investment landscape.
The National
an hour ago
- The National
My Dubai Salary: ‘I use my Dh140,000 monthly salary to support children's charities'
Patrick Doyle donates the majority of his earnings in children's charities. As chief executive of a goods and service company dedicated to serving embassies, consulates, NGOs and military bases, he believes he is very fortunate and tries to use his income to support the needy. The 60-year-old Irish national, who has lived in the UAE for the past six years, also invests in property and other companies. The Dubai resident lives with his wife, an entrepreneur, and their three children, Emily, eight, Eleanor, six, and Olivia, four. 'We've always lived in Arabian Ranches in Dubai but recently sold our house and bought another property in the community, which we are refurbishing. We are renting in Tilal Al Ghaf for a year, while we wait for our house to be ready,' he says. Mr Doyle left school at 16 and did a diploma at the Chartered Institute of Export and International Trade in the UK. What was your first job and salary? My first job as a messenger earned me £40 ($54) a week. I would take documents from my company to other businesses in London or go to shipping lines to pick up packages. I did that for six months and then moved into the office as a junior staffer. That was at the age of 17, and by 21, I was shipping manager of one of the biggest companies in the world. Tell us about your current role. What is your salary now? My role is chief executive of a company called International Diplomatic Supplies. We supply duty-free goods, groceries and frozen foods to embassies in 85 countries. My average monthly income is Dh140,000 ($38,121). I started the company in 1997 in the UK. I was then paying myself £27,000 a year, which is less than what I earn a month now. But my main earning now is the dividend from company profits. I'd prefer not to say how much that is. Do you have considerable savings? I wouldn't say I have considerable savings. I have available money and investments in a couple of companies. I've an investment in a UAE-based tea company called BRW Society and own a UK-based non-alcoholic gin company called Sea Arch. My wife also has access to the family money to use for her company, Drink Dry. We've just invested in an off-plan property in Al Marjan Island, Ras Al Khaimah. So, rather than saving, I tend to put my money into things that might get a return. What asset classes do you invest in? I put a lot of money into children's charities. My wife and I always say: 'God is watching.' We're very lucky, fortunate in the success we've had, and we try to help children. I'm vice chairman of The Sparkle Foundation, a UAE-based charity, and we, as a company, and my wife and I also support an organisation in Ethiopia called Shamida, which provides daily meals for children and staff at an orphanage and women's refuge centre in Addis Ababa. We put amounts of money into it that we've never spent on ourselves. Have you purchased property here? We bought a villa in Arabian Ranches for Dh15 million three years ago. With the property market going up, we were able to sell it for Dh25 million, pay off the mortgage and bought another five-bedroom villa for Dh12 million, free of mortgage. We're now putting in a swimming pool, new kitchen, new bathrooms and redesigning it to move there next March. We also purchased a two-bedroom apartment (with study) in Ras Al Khaimah for Dh3.8 million. I know that Al Marjan Island is going to be an up-and-coming destination and a good investment. It has a very convenient payment plan. Do you have any debt? I haven't got any debt. We pay our credit cards in full every month, so we use it as a convenience rather than to run up debt. Have you ever inherited a sum of money? We didn't come from money. My father was a bus conductor. When he died, my mother gave me £1,000 that my father had left to give each of his children. She also gave me an emotional letter from him. I kept it in a drawer in an envelope with the letter. We had some decorators come into our UK house. We went away and when we got back, the envelope with the note and the money had been taken. Missing the note really hurt, not the money. Growing up, were you taught how to handle your finances? Not at all. There were no finances in my house for anybody to handle. My wife manages money decisions in the family. When I had money, I bought three racehorses. If my wife has money, we invest it wisely and buy properties. What are your major monthly expenses? I've got three racehorses in the UK that need to be trained, their medical bills, vet's bills, that's a big expense. A significant amount of our money goes to the charities we support. Having three children, they always need something, and then the running of the house. Have you started saving for retirement? My company is successful, so I can either continue to work beyond 60 or 65 years and earn good dividends or no longer work and still earn dividends. Or I sell the business. Running the company has been the greatest career you could possibly imagine. I've enjoyed it. I've earned a huge amount of money. We also have a house in the UK, so we have assets. I don't necessarily need to retire. I love my job. So, I could either work for another 10 years or retire tomorrow. Do you have an emergency fund? We probably keep about Dh500,000 for emergencies. What do you spend your disposable income on? Travel. My wife likes to go shopping and I like to buy her things. Plus, I've three racehorses and they are very expensive. I don't advise anyone to ever buy one. Do you worry about money? No, I don't. I worry about other people's lack of money and how I can help them. What are your financial goals? My goals are to secure my children's future. I've a 23-year-old son from my previous marriage. My children would possibly end up being adults in the UK where the housing market is ever more difficult for people to get on to as prices get out of control and bear no relation to salaries. What is your idea of financial freedom? What I have now. I've cash, assets and a successful business. I'm very, very fortunate.
