The British Treasury has linked North Korean state-backed hackers to a major cryptocurrency theft targeting the Swiss trading platform Lykke. The attack forced Lykke to suspend operations and enter liquidation, leaving its founder, Richard Olsen, bankrupt and facing legal investigations.
According to officials, the Lazarus Group — Pyongyang’s notorious cyber unit — is believed to have carried out the theft of Bitcoin, Ethereum, and other digital assets. The group has been tied to a string of global crypto heists used to fund North Korea’s weapons programmes and evade international sanctions.
Lykke Collapse Leaves Investors Facing Losses
Following the hack, more than 70 UK-based customers have filed claims worth £5.7 million in British courts. Regulators had previously warned that Lykke was not authorised to provide financial services in the UK, raising further concerns about investor protections.
Olsen’s Swiss parent company entered liquidation in 2024, and he was officially declared bankrupt in January. He now faces ongoing criminal investigations in Switzerland over the platform’s collapse.
Stolen Funds May Have Been Laundered
While evidence remains inconclusive, reports suggest the stolen assets may have been laundered through various crypto firms, further complicating recovery efforts. The incident underscores the growing vulnerability of digital asset exchanges to sophisticated cyberattacks.
Lazarus Group’s Global Cybercrime Network
The Lazarus Group has been implicated in several high-profile cryptocurrency hacks worldwide. Cybersecurity experts warn that such attacks not only drain investors of billions but also strengthen North Korea’s ability to bypass sanctions and finance weapons development.
Authorities continue to struggle with tracking and recovering stolen funds, highlighting the urgent need for stronger regulatory oversight in the crypto industry.
