UK cryptocurrency exchange Lykke has suspended trading services after a suspected hack led to the theft of $22 million. The breach was revealed through onchain data and verified by MetaMask developer Taylor Monahan.
The stolen funds included Bitcoin, Ether, Litecoin, and Bitcoin Cash. Hackers converted the stolen Ether into DAI stablecoin to launder the funds. Lykke’s CEO Richard Olsen assured customers that their funds were safe and the company is investigating the breach.
This incident follows other recent crypto hacks, including DMM Bitcoin losing $320 million and UwU Lend Protocol losing $19.3 million. These events highlight the urgent need for improved security in the digital asset sector.
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Enhancing security measures remains crucial for the long-term stability of cryptocurrency exchanges.
