Lazarus Group suspected of the largest hack worth $22,8 million

What’s new? North Korean hackers from the Lazarus Group are suspected of stealing 17 million pounds sterling worth of bitcoins, which led to the collapse of the British cryptocurrency company Lykke in 2024. The first theories appeared in a report by the Office of Financial Sanctions Implementation (OFSI), but the regulator did not disclose the sources of the information.

If the data is confirmed, it will be the largest known theft of cryptocurrency by North Korean hackers targeting the UK. In recent years, the state has earned billions of dollars from stealing cryptocurrency to finance its military and nuclear programs.

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What do the experts say? Whitestream, an Israeli research organization specializing in cryptocurrency analysis, has accused the Lazarus group of involvement in the hack of the Lykke platform. According to the company, the stolen funds passed through two cryptocurrency firms known for using methods to conceal transactions and circumvent anti-money laundering mechanisms.

At the same time, a number of researchers have questioned these conclusions, noting that the evidence presented is insufficient to identify the hackers involved in the incident unequivocally.

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What is known about the crypto exchange? Lykke was founded in 2015 and operated from Switzerland, but was registered in the UK. The company was managed, Switzerland’s so-called “crypto valley,” but its legal entity was registered in the UK. Last year, Lykke said it lost $22,8 million (16,8 million pounds sterling) in bitcoins, Ethereum, and other cryptocurrencies, forcing it to cease operations. In March 2025, a judge ruled to liquidate the company after a lawsuit by more than 70 affected users.

Customers claimed they lost 5,7 million pounds sterling after the platform ceased operations. Interpath Advisory was brought in to distribute assets and deal with the aftermath. The Swiss parent company also began liquidation proceedings last year.

According to British legal documents, the company’s owner, Richard Olsen, was declared bankrupt in January 2025 and is under investigation in Switzerland.