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The $23 million hack that severely impacted the US-based crypto exchange Lykke in late 2024 has been attributed to North Korea’s infamous Lazarus Group. This revelation highlights the growing prevalence of such cyber threats and underscores the importance of secure, non-custodial storage solutions in the crypto industry.
This is where Best Wallet comes to the forefront, offering a robust solution designed to protect your digital assets against these increasingly common threats.
UK Treasury Identifies Lazarus Group as Culprit in Major Crypto Heist
In what has been labeled as the largest UK-based cryptocurrency theft, assets from both the Bitcoin and Ethereum networks were stolen in June 2024. Despite immediate shutdown measures taken to mitigate further damage, Lykke was compelled to permanently cease operations on December 6, 2024.
The situation remained unclear for several months, leaving Lykke and its users in a state of uncertainty. However, after thorough investigations, the UK authorities and blockchain analysts have determined the involvement of Lazarus Group, providing closure to Lykke and its affected users.
The UK Treasury’s Office of Financial Sanctions Implementation (OFSI) confirmed Lazarus Group’s involvement, supported by research from Israeli firm Whitestream, which traced the stolen funds through various exchanges.
Lykke’s Founder Faces Bankruptcy Amidst Exchange Liquidation
The aftermath of the hack has been tumultuous for Lykke. In January 2025, Richard Olsen, the company’s founder and a member of the Swiss Julius Baer banking dynasty, was declared bankrupt and became the subject of a criminal investigation by Swiss authorities.
This case exemplifies the vulnerabilities that crypto companies face and the increasing threat posed by sophisticated hacking groups. The staggering $2.17 billion stolen from crypto services this year alone outpaces all of 2024’s losses, with Lazarus Group responsible for significant portions, like ByBit’s $1.4 billion hack.
On May 16, 2025, on-chain analyst ZachXBT reported that Lazarus stole approximately $3.2 million worth of $SOL, further demonstrating the group’s extensive reach and capabilities.
Lazarus Group often utilizes services like Tornado Cash, a crypto mixing service that obscures transaction trails, making it difficult to trace stolen funds. Although sanctioned by the US Treasury in 2022, recent legal developments suggest these sanctions may soon be lifted, complicating efforts to curb such activities.
Given these escalating threats, secure solutions like Best Wallet have become indispensable for protecting crypto assets.
Empower Your Crypto Management with Best Wallet
Best Wallet offers a multi-chain, non-custodial solution, granting users full control over their digital assets without sacrificing privacy or security. Unlike custodial platforms, Best Wallet ensures that only you have access to your private keys, thereby guaranteeing complete ownership of your assets.
Employing Fireblocks’ MPC technology, it distributes private keys across multiple locations, avoiding the traditional vulnerabilities associated with seed phrases.
In the first half of 2025 alone, private key exploits resulted in $2.1 billion worth of crypto losses, emphasizing the need for Best Wallet’s non-custodial protection.
Moreover, Best Wallet does not require KYC procedures, allowing you to maintain your anonymity while using the app on iOS and Android platforms.
Beyond security, Best Wallet supports over 1,000 digital assets across nearly 60 blockchain networks, making it an essential tool for managing, trading, buying, and selling crypto assets.
Its ‘Cross-Chain Swap’ feature connects users to over 330 decentralized exchanges and 30+ bridges, ensuring optimal rates and minimal fees for asset transfers across networks.
Future developments include the introduction of Best Card, an NFT gallery, and market intelligence analytics.
The Best Card will soon enhance crypto accessibility and usage, allowing users to spend assets directly. Holding $BEST, the wallet’s native token, will offer benefits such as reduced transaction fees, governance rights, and early access to presales.
Invest in $BEST for High Returns
The downfall of Lykke serves as a stark reminder of the vulnerabilities faced by crypto services when targeted by groups like Lazarus. With billions in crypto assets already stolen this year, now is the time to secure your digital holdings proactively.
Best Wallet provides strong protection and complete ownership of your assets, alongside a forward-looking roadmap aimed at enhancing daily crypto usability.
Consider purchasing $BEST during its presale at $0.025495 per token. Additionally, staking $BEST can yield a significant 90% APY, offering a lucrative opportunity for passive income.
Remember, this is not investment advice. It is crucial to conduct your own research and never invest more than you can afford to lose.
For further details, read the full article at Bitcoinist.
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