Lykke a UKbased cryptocurrency exchange halts trading following 22 million cyber attack

Questions raised about security measures at crypto exchanges as Lykke CEO assures customers of thorough investigation.
In the wake of a reported $22 million cyber theft, UK-based crypto exchange Lykke has made the decision to halt its trading services, sparking concerns about the security protocols in place across the crypto industry.
The revelation of “unauthorized access” to Lykke’s platform by prominent web investigator SomaXBT prompted the company to come forward. Crypto defense expert Taylor Monahan, known for her work on MetaMask, estimated that the breach resulted in $22 million in questionable withdrawals.
An ongoing investigation has been launched into the incident, which occurred shortly after the exchange suspended all trading activity in response to initial signs of a security breach. Analysis of onchain data revealed large sums of Bitcoin, Ether, Litecoins, Bitcoin Cash, and other cryptocurrencies involved in the unauthorized access.
Following the attack, the stolen Ether was reportedly converted to DAI stablecoin, a tactic commonly used by hackers to disguise their trail. Despite reports of empty account balances from some users, Lykke quickly reassured its customers that their funds were secure, citing ongoing maintenance on the platform.
In an email to customers, Lykke CEO Richard Olsen confirmed that the company was taking all necessary steps to investigate the security compromise and address the issue promptly.
This incident adds to a string of security breaches targeting crypto exchanges, with DMM Bitcoin recently disclosing a $320 million loss due to a hack. The challenges of safeguarding assets in the volatile crypto market have once again been underscored, raising concerns among investors and industry experts alike.
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