Lykke Crypto Breach Leads to $23 Million in Losses

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Aug 18 2025

Hack Incident: Lykke, a UK-based crypto trading platform, experienced a significant hack in 2024, resulting in a loss of approximately $23 million in Bitcoin and Ethereum, attributed to the North Korea-linked Lazarus Group.
Company Consequences: Following the hack, Lykke faced liquidation due to regulatory intervention, with founder Richard Olsen now bankrupt and under investigation in Switzerland for his role in the incident.
Impact on Users and Markets: The hack led to affected users filing claims totaling £5.7 million, causing a suspension of trading and a loss of confidence in the cryptocurrency sector, highlighting the risks of unregulated operations.
Future Regulatory Outlook: The incident has prompted calls for increased regulatory oversight in the cryptocurrency industry, with expectations for stricter legal frameworks and advancements in blockchain security to protect digital assets.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Lykke Crypto Breach Leads to $23 Million in Losses

About the author

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