In 2024, the UK crypto startup Lykke faced a major cyberattack that shook the country’s digital finance industry. Reportedly, the notorious hacking organization Lazarus Group attacked the company’s system and siphoned nearly $23 million in digital assets. The exploit has been called one of the largest crypto thefts ever targeting a UK-based company. The hackers stole Bitcoin (BTC) and Ethereum (ETH) using advanced malicious methods. This incident highlights the growing global threat of state-backed cryptocurrency crimes. Lazarus Group Hack on Lykke Marks Major Crypto Fraud in Britain According to investigators, the Lazarus Group carefully planned the attack. The stolen Ethereum was quickly converted into DAI stablecoin, making it harder to trace. Also, the bad actors spread the siphoned Bitcoin across multiple digital wallets, further complicating recovery efforts. Investigators said the scale and precision of the breach suggested government backing, a concern later confirmed by the British Treasury’s sanctions office. After extensive investigation, the Treasury officially linked the attack to North Korean cyber actors. The authorities, working alongside law enforcement, made efforts to track the movement of stolen funds. This makes the Lykke hack one of the largest crypto frauds ever committed against Britain by a state-linked hacking group. This attack shows how cybercrime can be linked to global security threats. Lykke’s Collapse and Legal Consequences After the cyberattack, users affected by the theft took legal action against Lykke. In March 2025, the court ordered the company to shut down, ending its operations. The $23 million hack destroyed the startup and showed how serious cyber attacks can be for crypto businesses. Other crypto companies have also faced disaster after attacks or big financial losses. A famous incident is Mt. Gox, a Bitcoin exchange in Tokyo. It lost over $2 billion worth of Bitcoin due to hacking attacks and poor management. The breach forced the company to declare bankruptcy and close completely, leaving thousands of users unable to access their funds for years. Lazarus Group Linked to Multiple Crypto Attacks The attack on Lykke is part of a larger pattern by the Lazarus Group. Over the years, they have hit major crypto exchanges worldwide, including in Japan and China, stealing hundreds of millions of dollars in digital coins. The stolen funds are often moved through stablecoins and many different wallets to make them hard to trace. Investigators believe the latest stolen funds were intended to finance North Korea’s nuclear weapons and military programs. Cryptocurrency theft has become a key source of income for the regime, bypassing international sanctions and traditional banking systems. The post North Korean Hackers Hit UK Crypto Startup Lykke, Steals $23M appeared first on TheCoinrise.com .
