North Korean Cybercriminals Target UK Crypto Firm Lykke, Stealing $23 Million

Major Cyberattack on Lykke: In 2024, UK crypto startup Lykke suffered a cyberattack by the Lazarus Group, resulting in the theft of nearly $23 million in digital assets, marking one of the largest crypto thefts targeting a UK company.

Advanced Hacking Techniques: The hackers utilized sophisticated methods to steal Bitcoin and Ethereum, converting stolen Ethereum into DAI stablecoin and dispersing Bitcoin across multiple wallets to complicate recovery efforts.

Government Backing Confirmed: Investigators linked the attack to North Korean cyber actors, with the British Treasury confirming state backing, highlighting the connection between cybercrime and global security threats.

Consequences for Lykke: Following the attack, Lykke faced legal action from affected users and was ordered to shut down in March 2025, illustrating the severe impact of cyberattacks on cryptocurrency businesses.