Lykke (CRYPTO:LKK) cryptocurrency exchange confirmed a security breach on June 4, resulting in the loss of $22 million in crypto assets, prompting the suspension of withdrawals as a precautionary measure.

Despite claims of fund safety and recovery efforts, concerns arose after a security researcher accused the exchange of attempting to conceal the exploit.

The team assured users of solid capital reserves to cover potential losses and pledged to conduct a criminal investigation into the attack, with cybersecurity experts hired to aid in asset recovery.

This incident adds to a series of recent hacks targeting centralised exchanges, highlighting ongoing security vulnerabilities within the crypto industry.