Unveiling the North Korean Hack: A $23M Crypto Catastrophe
The crypto landscape was shaken late last year when a major hack, amounting to $23 million, struck the US-based crypto exchange, Lykke. The perpetrators? The infamous Lazarus Group from North Korea. As such breaches become more frequent, the importance of secure, non-custodial storage solutions grows exponentially. Enter Best Wallet, a robust platform designed to shield your digital assets from such threats.
UK Treasury Identifies Lazarus as the Culprit Behind the Largest Crypto Heist in the UK
In June 2024, the UK experienced its most significant crypto theft to date, involving stolen assets from both Bitcoin and Ethereum networks. Despite immediate system shutdowns to mitigate damage, Lykke had to cease operations entirely by December 6, 2024. The months following the attack were fraught with uncertainty, but UK authorities, alongside blockchain experts, eventually uncovered the truth. The UK Treasury’s Office of Financial Sanctions Implementation (OFSI) confirmed that Lazarus Group was responsible for the attack.
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Supporting these findings, Israeli research firm Whitestream traced the stolen cryptocurrency through various exchanges, reinforcing the UK watchdog’s conclusions.
Lykke’s Collapse: Founder Declared Bankrupt and Exchange Liquidated
The aftermath of the hack was catastrophic for Lykke. In January, Richard Olsen, the founder and a descendant of the Swiss Julius Baer banking dynasty, was declared bankrupt and became the subject of a criminal investigation by Swiss authorities. This situation highlights the vulnerabilities faced by crypto companies and the growing threat of sophisticated hacking groups. Alarmingly, over $2.17 billion has been stolen from crypto platforms this year alone, surpassing the total for 2024. A significant portion of this theft can be attributed to ByBit’s $1.4 billion hack, once again involving the Lazarus Group.
On May 16, 2025, on-chain analyst ZachXBT discovered that Lazarus had also stolen approximately $3.2 million worth of $SOL. These incidents underscore the global threat posed by Lazarus, one of the most notorious cybercrime organizations. Their strategy often involves funneling stolen funds through Tornado Cash, a service that obscures transaction trails. Although the US Treasury sanctioned Tornado Cash in 2022, a court ruling recently ordered the removal of these sanctions, complicating the fight against such scams.
Secure Your Crypto with Best Wallet: A Comprehensive Solution
In light of the escalating scale of attacks, secure solutions like Best Wallet have never been more essential. Best Wallet offers a multi-chain, non-custodial experience, empowering you with full control over your crypto without sacrificing privacy or security. Unlike custodial platforms, it ensures that only you possess the private keys to your assets, leveraging Fireblocks’ advanced MPC technology to split and distribute keys securely.
With $2.1 billion worth of crypto lost to private key exploits in the first half of 2025 alone, compared to $1.5 billion during the same period in 2024, the protection provided by Best Wallet’s non-custodial approach is vital. Additionally, Best Wallet does not require KYC compliance, allowing you to maintain your anonymity while using the app, available on iOS and Android.
Beyond security, Best Wallet supports over 1,000 digital assets across nearly 60 blockchain networks, making it an ideal hub for managing, trading, buying, and selling crypto. Its ‘Cross-Chain Swap’ feature connects you to over 330 decentralized exchanges and 30 bridges, ensuring optimal rates and minimal fees when transferring assets across networks.
With exciting developments on the horizon, including the introduction of Best Card (a crypto debit card), an NFT gallery, and market intel analytics, Best Wallet is set to enhance crypto usability further. The Best Card will enable direct asset spending, increasing accessibility and adoption in daily life.
Investing in the Future: Buy & Stake $BEST for High Returns
The collapse of Lykke serves as a stark reminder of the vulnerabilities inherent in the crypto space, especially against state-backed hackers like Lazarus. Given the billions already stolen this year, securing control over your digital assets is more crucial than ever. Best Wallet offers a comprehensive and secure way to protect your assets, with the added benefits of a future-focused roadmap that enhances everyday crypto usability.
To maximize the wallet’s value, consider acquiring $BEST tokens during the presale for just $0.025495. These tokens can be staked at an impressive 90% APY, providing a lucrative opportunity for passive income. As always, ensure you conduct thorough research and never invest more than you can afford to lose.
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