Lazarus Group Behind $23M Crypto Theft on UK Start-Up – Crypto Users Turn to Best Wallet

Details have finally emerged about the $23M hack that crippled US-based crypto exchange Lykke late last year. The culprit? North Korea’s Lazarus Group, once again.

With hacks like these becoming more prevalent, the need for secure, non-custodial storage becomes increasingly necessary.

This is where Best Wallet shines, a solution designed to safeguard your crypto from precisely these threats.

UK Treasury Confirms Lazarus Behind ‘UK’s Biggest Crypto Heist’

The attack, known as the largest UK-based crypto theft, took place in June 2024. It involved stolen assets across both the Bitcoin and Ethereum networks.

While the affected systems were immediately shut down to limit damage, the entire exchange was forced to discontinue its service on December 6, 2024.

In fact, the entire situation was murky for months, with Lykke struggling to pinpoint the blame. But finally, UK authorities and blockchain analysts have pieced together what happened – not only for Lykke’s sanity, but also its former users.

The UK Treasury’s Office of Financial Sanctions Implementation (OFSI) identified the notorious state-sponsored hacking group as responsible.

Israeli research firm Whitestream also backed the UK watchdog’s findings after tracing the stolen funds through exchanges.

Lykke’s Founder Declared Bankrupt, Crypto Exchange Liquidated

Life after the hack has been anything but smooth for Lykke. In January, the crypto company’s founder, Richard Olsen – a descendant of the Swiss Julius Baer banking dynasty – was declared bankrupt and placed under criminal investigation by Swiss authorities.

And that’s not all. In March, a UK judge ordered Lykke into liquidation after over 70 users filed claims over £5.7M in lost funds.

The hack and its aftermath highlight the vulnerabilities that crypto companies face, alongside the growing threat of hacking groups.

And it hits even harder when knowing that over $2.17B has been stolen from crypto services this year, surpassing all of 2024.

ByBit’s $1.4B hack accounts for the majority of losses. And yes, Lazarus was responsible.

On May 16, 2025, on-chain analyst ZachXBT also found that Lazarus stole around $3.2M worth of $SOL. Yet these are just a few examples – Lazarus is one of the largest cybercrime groups worldwide, after all.

Lazarus often carries out such scams by funneling stolen funds through Tornado Cash, a crypto mixing service designed to make it tricky to trace funds.

Owing to helping scammers obscure their transaction trails for unlawful financial gain, it was sanctioned by the US Treasury in 2022. However, a recent court ruling led the regulators to drop their appeal, so such sanctions are set to be lifted soon.

With attacks like these growing in scale, and Tornado Cash’s sanctioning being lifted not helping matters, secure wallets like Best Wallet are more necessary now than ever.

Gain Full Crypto Control With the Best Wallet App

Best Wallet is a multi-chain, non-custodial wallet that puts you in full control of your crypto – without compromising privacy or security.

Unlike custodial platforms, it ensures that only you hold the private keys to your assets, ensuring complete ownership. It leverages Fireblocks’ MPC technology, so instead of relying on traditional seed phrases, it splits your private keys and distributes them across locations.

Private key exploits drained $2.1B worth of crypto lost to attacks in the first half of 2025, compared to $1.5B over the same period in 2024. And with such attacks accelerating, Best Wallet’s non-custodial protection is vital for peace of mind.

Best Wallet also avoids KYC requirements, so you need not worry about handing over your personal data to use the mobile app (available on iOS and Android).

But there’s more to the wallet than security. It supports over 1K digital assets, soon across 60 blockchain networks. So, it’s no wonder it’s a go-to hub for managing, trading, buying, and selling crypto assets.

Better still, it has a ‘Cross-Chain Swap’ feature that connects you to 330+ decentralized exchanges and 30+ bridges. By doing so, it ensures you’re given the best rates and lowest fees when moving your crypto assets across networks.

Plus, it has a lineup of developments in the pipeline, including Best Card (its own crypto debit card), an NFT gallery, and market intel analytics.

Best Card alone should be a major boon: It’ll enable you to spend your assets directly while on the move, boosting crypto accessibility and daily use.

By scooping up some $BEST, its native token, you can also enjoy lower gas fees, governance rights, and early access to top presales.

Buy & Stake $BEST to Earn 90% APY

Lykke’s collapse underscores just how vulnerable crypto services and assets are when it comes down to sophisticated, state-backed hackers like Lazarus.

With billions worth of crypto already stolen this year alone, there’s no better time to prioritize your control and security of digital assets.

Best Wallet is a great way to protect your assets. It gives you full ownership over them, plus protection against private key breaches – its future-focused roadmap that makes crypto more usable daily is just a cherry on top.

To boost the wallet’s value, consider purchasing $BEST on presale for just $0.025495. After doing so, it can also be staked at a hefty 90% APY for passive income.

This isn’t investment advice. Always do your own research and never invest more than you’d be sad to lose