North Korean hackers, identified as Lazarus Group, linked to a £23 million cryptocurrency theft from UK platform Lykke.
In a significant development, the British Treasury's sanctions office, the Office of Financial Sanctions Implementation (OFSI), has reportedly attributed the £23 million heist on UK crypto exchange Lykke to the Lazarus Group, a North Korean cybercrime organization.
The hack, which resulted in the theft of 158 Bitcoin and 2,161 Ethereum, contributed to Lykke's collapse and subsequent liquidation. A UK court ordered the liquidation of Lykke following legal action from more than 70 users seeking to recover lost funds totaling £5.7 million.
The Lazarus Group, known for its prior operations in crypto-related fraud, is believed to be behind this heist as well as a $44 million attack on Indian exchange CoinDCX. The techniques used in the CoinDCX attack are similar to those used by the Lazarus Group in prior operations, as noted by cybersecurity firm Cyvers.
The stolen Ethereum was laundered through DAI, an algorithmic stablecoin from MakerDAO. This incident emphasizes the growing risks facing cryptocurrency platforms worldwide.
The Lazarus Group has also been linked to crypto laundering via Garden Finance, according to ZachXBT. Analysts believe such operations are part of Pyongyang's broader strategy to finance its nuclear and military programs.
As digital assets become more mainstream, exchanges and investors must remain vigilant, adopting stronger security measures and compliance practices to protect both funds and trust in the rapidly evolving crypto ecosystem.
Moreover, a report suggests that the Lazarus Group is behind fake US firms targeting crypto workers. This underscores the need for heightened awareness and robust security measures within the crypto industry.
The ongoing activities of the Lazarus Group emphasize the growing risks facing cryptocurrency platforms worldwide. Earlier this year, the Lazarus Group carried out the largest known crypto heist, targeting crypto exchange Bybit and stealing approximately $1.5 billion.
In conclusion, the Lazarus Group's alleged involvement in the £23 million hack of the UK crypto exchange Lykke underscores the need for increased vigilance and robust security measures in the crypto industry. As digital assets become more mainstream, it is crucial to protect them from cybercriminal organizations like the Lazarus Group.
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