Lazarus Steals $19.5M in BTC and ETH from Lykke Exchange

Published: 2025-08-19 19:22:16 |

In June 2024, North Korea’s state-backed Lazarus Group executed a $19.5 million crypto theft on UK-based Lykke exchange, siphoning Bitcoin (BTC) and Ethereum (ETH). The UK’s Office of Financial Sanctions Implementation (OFSI) confirmed Lazarus’s role. Lykke entered liquidation in March after failing to recover from the breach. Stolen funds were laundered via Thorchain (RUNE), no-KYC platforms and OTC desks in China, Cambodia and Russia. This sophisticated laundering complicates regulatory tracking and highlights gaps in crypto security. Exchanges must adopt multi-layered security, regular audits and clear incident response plans. Traders should use hardware wallets, enable two-factor authentication and remain vigilant against phishing attacks.

Neutral

While the $19.5 million crypto theft by North Korea’s Lazarus Group underscores significant security risks and may trigger short-term caution among traders, it involves a smaller exchange with limited impact on overall supply and demand. Historically, high-profile hacks have caused brief price dips but markets have quickly recovered. Consequently, the long-term market outlook remains neutral.