UK links Lazarus Group to Lykke cryptocurrency theft
The Lykke crypto platform was forced into liquidation after hackers stole Bitcoin, Ethereum, and other assets, leaving customers and founder Richard Olsen facing losses.
The British Treasury has linked state-backed North Korean hackers to a significant theft of Bitcoin, Ethereum, and other cryptocurrencies from the Swiss platform Lykke. The hack forced Lykke to suspend trading and enter liquidation, leaving founder Richard Olsen bankrupt and under legal scrutiny.
The Lazarus Group, Pyongyang’s cyber unit, has reportedly carried out a series of global cryptocurrency heists to fund weapons programmes and bypass international sanctions. Although evidence remains inconclusive, Stolen Lykke funds may have been laundered through crypto firms.
Regulators had previously warned that Lykke was not authorised to offer financial services in the UK. Over 70 customers have filed claims totalling £5.7 million in UK courts, while Olsen’s Swiss parent company entered liquidation last year.
He was declared bankrupt in January and faces ongoing criminal investigations in Switzerland.
The Lazarus Group continues to be implicated in high-profile cryptocurrency attacks worldwide, highlighting vulnerabilities in digital asset exchanges and the challenges authorities face in recovering stolen funds.
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