Brief Look at Lykke
Lykke, a cryptocurrency exchange, ceased operations after a major cyber incident in June 2024. The hack resulted in the theft of approximately $22 million in cryptocurrencies, which represented about one-third of the company’s total assets.
In an official statement on June 10, 2024, the Lykke team asserted that the exchange was well-capitalized and maintained a diversified portfolio. According to the company, this would allow it to absorb the losses from the attack and protect client funds.
In a separate interview with the Swiss publication NZZ, Lykke founder and CEO Richard Olsen said the company’s existence and client assets were not at risk. He explained that the exchange was undergoing technical maintenance but could not provide a specific timeline for resolution.
Despite these reassurances, users lost access to their assets, prompting concerns about transparency. Some affected clients began organizing collective legal efforts to recover their funds.
After the incident, the exchange suspended all trading and withdrawals. In December 2024, Lykke filed for bankruptcy. Its website is currently offline. As of January 2025, both the parent company, Lykke Corp, and the operating entity, Lykke Business AG, were undergoing liquidation proceedings.
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