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Lykke Confirms Platform Was Breached, $22M in Crypto Assets Stolen

Crypto exchange Lykke announced on June 10, 2024,that it had experienced a security breach, leading to the theft of digital assets worth $22 million. Lykke assured its users that despite the breach, their funds were safe, and the compromised systems were immediately shut down to prevent further damage.

The UK-based exchange disclosed that the attack took place on June 4. It emphasized that client funds were secure and that efforts were underway to recover the stolen assets. Lykke communicated via the social media platform X, explaining that it had shut down the affected systems to minimize the damage and was conducting a thorough investigation to address the security vulnerabilities.

The announcement followed accusations by Somaxbt, a Web3 researcher, who claimed that Lykke had initially concealed the incident. In acknowledging the breach, Lykke highlighted its robust financial health and stated that it had identified potential suspects behind the attack.

The exchange stated, “A criminal probe is ongoing against the suspected individual. We have hired an external cybersecurity firm to help block and recover the stolen crypto assets. As a precaution, we have kept the exchange closed.”

According to a DL News report, about one-half of the stolen crypto assets were in Bitcoin (BTC), with the remainder consisting of litecoin (LTC), Ether (ETH) and Bitcoin Cash (BCH). After the attack, the hacker reportedly converted the stolen ETH into the stablecoin DAI, while the BTC was dispersed across several wallets.

This incident ranks as the second-biggest cryptocurrency loss in the second quarter of this year, after the $300 million hack on the DMM exchange in Japan on May 31. In that case, DMM reported losing more than 4,500 Bitcoins from client wallets and committed to fully reimbursing affected users. The company also planned to raise $320 million to cover the losses.

Another recent security incident affected the decentralized finance (DeFi) network UwU Lend Protocol, which resulted in the instantaneous loss of $19.3 million in crypto assets. The breach was first disclosed by Cyvers on X, which alerted UwU Lend about the unauthorized funds transfer. The stolen assets, including major cryptocurrencies such as WBTC and various stablecoins, were swiftly liquidated on Uniswap, making them difficult to trace.

These incidents highlight the urgent need for stronger security measures across digital asset platforms. Enhanced security protocols and vigilant monitoring are essential to safeguarding users’ assets in the ever-evolving landscape of cryptocurrency and decentralized finance.

Such breaches are likely to keep all crypto companies, such as Bit Mining Ltd. (NYSE: BTCM), on high alert since there is no telling which entity could be targeted next.

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