TLDR
- The Lazarus group of North Korea would have stolen $ 23 million at the cryptographic platform registered in the United Kingdom Lykke, forcing its closure
- The Pirat has targeted Bitcoin and Ethereum networks, with stolen funds that would have whitewashed platforms that go around money laundering controls
- The founder of Lykke, Richard Olsen, great-grandson of the Swiss banking patriarch Julius Baer, was declared bankrupt and faces criminal investigations in Switzerland
- More than 70 customers have filed a legal action claiming 5.7 million pounds sterling of losses after the platform froze the trade in December 2023
- UK Financial Conduct Authority had previously warned of Lykke in 2023 for having operated without appropriate authorization
The British treasure blamed the northern group of Lazarus Korea for a 23 million dollar cryptocurrency flight which forced the closure of the exchange registered in the British Lykke. The attack targeted the Bitcoin and Ethereum networks, according to the implementation of the financial sanctions office.
Lykke operated on the “Crypto Valley” in Switzerland in Zug while maintaining the inscription in the United Kingdom. The platform offered a zero cryptocurrency exchange before the hack to suspend operations in December 2023.
Richard Olsen founded Lykke in 2015. He is the great-grandson of the Swiss banking patriarch Julius Baer.
The company has lost Bitcoin, Ethereum and other cryptocurrencies in the violation. Despite the promises to return the customer funds, the platform froze trading after the attack.
“The attack was attributed to the Republic of the Republic of Malvet Malveillant Korea, which stole funds on the Bitcoin and Ethereum networks,” said the Treasury. The stolen funds are suspected of being part of Pyongyang’s wider effort to finance nuclear weapons programs.
The Israeli cryptocurrency research office WhiteTeam has also accused Lazarus of hacking. They said that the attackers had whitened stolen funds through two cryptocurrency companies known to facilitate the obscure of transactions.
Assignment of the question of experts
Other researchers challenged these conclusions on the participation of Lazarus. They argued that current evidence is insufficient to definitively identify the exchange hackers.
Some security experts say it is too early to confirm the role of North Korea. They say that more analysis is necessary before making firm attributions.
The Financial Conduct Authority issued warnings concerning Lykke in 2023. The regulator noted that the company was neither registered nor authorized to offer financial services to British consumers.
This regulatory warning came before hacking. However, it was not enough to prevent users from investing in the platform.
Legal and bankruptcy
More than 70 customers have brought a petition for liquidation in the British courts. They claimed losses totaling 5.7 million pounds sterling in the closure of the company.
A British court ordered Lykke to be liquidated in March 2025. Interpath Advisory was appointed to manage the distribution of assets and manage the liquidation process.
Lykke’s Swiss parent company came into liquidation last year. The closure affected customers in several jurisdictions.
The founder Richard Olsen was declared bankrupt in January 2025. British legal deposits indicate that he faces criminal investigations in Switzerland.
Olsen did not respond to requests for media comments. Criminal surveys concern its role in the operations and the closure of the company.
The Lazare group has been linked to numerous cryptocurrency burglaries worldwide. They use various techniques to vioder the safety of exchanges and whiten stolen funds via digital transaction networks.
