British Crypto Exchange Lykke Halted Amid Suspicious $22 Million Hack

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Crypto News Squad
Jul 10, 2023

British Crypto Exchange Lykke Halted Amid Suspicious $22 Million Hack

UK cryptocurrency exchange Lykke has suspended its trading services after it was discovered that $22 million was stolen in a hack.

This disruption in the crypto community raises concerns about the security measures implemented on digital currency exchanges.

Crypto Exchange Lykke Halted Amid Suspicious $22 Million Hack

Lykke revealed there was “unauthorized access” to its platform, which came to light via popular web researcher SomaXBT. According to MetaMask developer and crypto defense analyst Taylor Monahan, this incident led to $22 million in suspicious outflows.

Interestingly, the breach occurred just a few days after the first signs of unauthorized access were noticed, prompting the exchange to suspend all trading activity on the platform.

British cryptocurrency exchange Lykke has halted trading due to “unauthorized access” to its platform and suspected hacking, according to DLNews. MetaMask developer Taylor Monahan said the exchange experienced a suspicious outflow of $22 million.

— Wu Blockchain (@WuBlockchain) June 10, 2024
The stolen money reportedly also included a large amount of Bitcoin, as well as other Altcoins such as Ether, Litecoins, and bitcoin cash, among other virtual currencies, as highlighted by on-chain data.

Following the attack, the stolen Ether was replaced with the dai stablecoin in an attempt to clear funds from various accounts; This is a typical approach used by hackers to launder money.

Response and Reactions to the Hack

Lykke quickly responded to the situation by announcing that its platform was under maintenance and also ensured that its customers’ funds were safe despite many people complaining that their account balances were empty. In an email to customers, Lykke CEO Richard Olsen acknowledged the incident and explained that the company was making every effort to investigate the security breach. Olsen said the following to calm customers:

“Your funds are safe because Lykke is a well-capitalized, diversified business.”
But this isn’t the first time the cryptocurrency industry has been targeted by hackers. Another cryptocurrency exchange, DMM Bitcoin, announced just weeks ago that it had been hacked and lost $320 million, highlighting the security issues plaguing the digital asset industry.

Additionally, just a few hours ago, UwU Lend Protocol, a decentralized finance (DeFi) platform, was also hacked, losing $19.3 million in stolen digital assets within minutes. These incidents underscore the urgent need for enhanced security measures on digital platforms.

Also Read: Uniswap (UNI) Captures 6% With Major Buy Update

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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.


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