Lykke Exchange Compelled to Liquidate Following $23 Million Cryptocurrency Theft

Lykke Exchange Liquidation: Lykke Exchange, a UK-registered crypto platform, was liquidated after suffering a $23 million hack attributed to North Korea's Lazarus Group in June 2024, leading to significant losses in BTC and ETH.

Regulatory Scrutiny: The incident has raised concerns about regulatory gaps and the need for stricter oversight of cryptocurrency exchanges, especially given Lykke's lack of FCA licensing in the UK.

User Impact and Legal Issues: The hack forced Lykke to cease operations by the end of 2024, resulting in over 70 claims from users and stakeholders, highlighting widespread financial distress.

Security Concerns: The attack reflects ongoing vulnerabilities in crypto security, with the Lazarus Group's tactics mirroring previous exploits, prompting calls for improved regulations to protect against similar threats.