Lykke Shuts Down Following Lazarus Group's £17 Million Cryptocurrency Theft

Lazarus Group's Attack: The North Korean hacking group, Lazarus, stole £17 million in cryptocurrency from the exchange Lykke, leading to its liquidation in 2025.

Impact on Lykke: Following the theft, Lykke suspended trading and withdrawal operations, resulting in significant financial turmoil and legal scrutiny for its founder, Richard Olsen.

Regulatory Response: The UK's Office of Financial Sanctions Implementation confirmed the attack's attribution to Lazarus, highlighting vulnerabilities in centralized cryptocurrency platforms despite existing regulations.

Future Implications: The incident has prompted calls for improved cybersecurity measures and potential regulatory changes as the crypto market reacts to the loss of investor confidence.