- North Korean Lazarus Group steals $23M from UK crypto exchange.
- Garden Finance under scrutiny for involvement in laundering crypto funds.
- Lazarus Group’s growing attacks target both exchanges and individual traders.
A major cyberattack has shaken the crypto world. North Korean hackers tied to the notorious Lazarus Group stole $23 million from Lykke, a UK-based crypto exchange headquartered in Switzerland. The hacking of 158 BTC and 2,161 ETH occurred, and Lykke UK and Lykke Corp AG halted all trades and withdrawals.
The Office of Financial Sanctions Implementation recently accused the Lazarus Group of the attack. Lazarus is known to execute international crypto heists, and the group has facilitated some of the biggest thefts in recent years.
The Lykke hack has also been regarded as one of the biggest hacks of a British cryptocurrency firm, and it underscores the industry’s weaknesses.
Also Read: South Korea Cracks Down on Crypto Lending: Major Exchanges Forced to Halt Services!
Lazarus Group has been responsible for various high-profile crypto heists. In February, they stole $1.5 billion from Bybit in one of the largest crypto exchange thefts to date. In May, they attacked a Taiwan-based exchange, BitoPro, stealing $11.5 million before the Lykke attack.
During the same month, they emptied Solana wallets of $3.2 million, laundering the funds via Tornado Cash. The group is also suspected of conducting a $44 million attack on the CoinDCX exchange in India in July.
A Rising Wave of Crypto Heists
The Lazarus Group’s activities are becoming more frequent and sophisticated, making them a growing threat not only to large exchanges but also to individual crypto traders.
Their application of sophisticated techniques to take advantage of weaknesses threatens the crypto industry. With the threat level increasing, it is apparent that exchanges and users must tighten their security to reduce risks.
Suspicious Ties to Crypto Laundering: Garden Finance Under Scrutiny
Garden Finance has been under increased scrutiny as it has been accused of laundering stolen funds related to the $1.4 billion Bybit hack. Blockchain researcher ZachXBT has asserted that Garden Finance was instrumental in transferring illegal funds, potentially connected to North Korean operatives.
Although the platform is defending itself, the claims still raise questions about how such platforms are involved in crypto laundering.
Lazarus Group’s Growing Threat to Crypto Exchanges and Traders
With over $1.6 billion stolen this year alone, Lazarus remains a major threat to the crypto industry. Their actions underscore the need for enhanced security within the space as these attacks show no sign of slowing down.
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