{"investigation":{"slug":"lcx","entity_name":"LCX","trust_score":54,"severity_base":null,"score_modifier":12,"confidence":0.72,"status":"published","content_type":"investigation","summary":"LCX (Liechtenstein Cryptoassets Exchange) is a regulated crypto exchange and tokenization platform headquartered in Vaduz, Liechtenstein, holding eight registrations under the Liechtenstein Financial Market Authority (FMA) pursuant to the Token and Trusted Technology Service Provider Act (TVTG). In January 2022 the exchange suffered a hot wallet compromise in which approximately $7.94 million in crypto assets were stolen, with stolen funds rapidly laundered through Tornado Cash; LCX subsequently used its own funds to compensate affected users and cooperated with international law enforcement to freeze an alleged 60% of stolen assets. The exchange is flagged by ZachXBT and carries a below-average trust score primarily due to the 2022 hack, ongoing user complaints about withdrawal delays and account freezes, and the broader security posture concerns that led to the compromise.","sections":[{"content":"On January 8, 2022, between 11:23 PM and 11:37 PM CET, an unauthorized actor gained access to one of LCX's Ethereum hot wallets and drained approximately $7.94 million in crypto assets. The attacker targeted multiple tokens in a coordinated sweep: approximately 17.25 million LCX tokens ($2.47M), 3.44 million USDC ($3.44M), 761,237 EURe (~$865K), 101,250 SAND (~$486K), 162.68 ETH (~$503K), 669 QNT (~$116K), 1,848 LINK (~$49K), 4,820 ENJ (~$11K), and 4.76 MKR (~$10K). All stolen USDC was converted to native ETH within 16 minutes using DeFi protocols; the entire conversion of all stolen assets was completed within 45 minutes of the initial transfer. By 11:12 PM GMT, converted ETH was deposited into Tornado Cash using 100, 10, and 1 ETH contracts, completing the laundering operation within approximately 1.5 hours of the initial theft. The specific attack vector was not publicly disclosed by LCX; blockchain analysts concluded the most likely cause was a private key compromise of the hot wallet. LCX's security team detected the intrusion within minutes, halted further outflows, and suspended platform deposits and withdrawals. The exchange stated that its main server infrastructure, data storage, wallet management, and vaults were not compromised. No attribution of the attack to the Lazarus Group or any specific threat actor has been confirmed by credible sources.","heading":"January 2022 Hot Wallet Hack","sources":[{"url":"https://www.lcx.com/hot-wallet-incident-report/","name":"lcx.com","type":"other","credibility":3},{"url":"https://www.trmlabs.com/post/exploit-radar-lcx-hot-wallet-hack","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://quadrigainitiative.com/casestudy/lcxexchangehotwallethack.php","name":"quadrigainitiative.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/lcx-loses-6-8m-in-a-hot-wallet-compromise-over-ethereum-blockchain","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://beincrypto.com/lcx-exchange-hacked-6-8m-transferred-to-hackers-wallet/","name":"beincrypto.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Following the hack, LCX engaged law enforcement in Liechtenstein, Ireland, Spain, and the United States, as well as blockchain analytics firms including Elliptic. Through algorithmic forensic tracing, LCX alleged it identified wallet addresses controlled by the attacker even after Tornado Cash mixing. Recovery actions resulted in: approximately 611,000 EURe (~$692K) frozen on-chain via partner Monerium; 500 ETH frozen at Coinbase Europe pursuant to a Liechtenstein court order executed through Irish law enforcement; and 1,274,249 USDC frozen by the Centre Consortium based on an order from the New York Supreme Court. LCX's legal counsel filed a complaint in the New York Supreme Court on June 1, 2022. Notably, LCX employed an unprecedented legal tactic: a temporary restraining order (TRO) was served on the anonymous defendant via NFT airdrop — described as the first instance of legal process served via NFT in history. LCX claimed approximately 60% of stolen funds were ultimately frozen through these combined actions. LCX used its own funds to compensate all affected users, and full platform operations resumed by January 28, 2022.","heading":"Fund Recovery and Legal Actions","sources":[{"url":"https://www.lcx.com/lcx-hack-update/","name":"lcx.com","type":"other","credibility":3},{"url":"https://www.investing.com/news/cryptocurrency-news/law-firm-serves-anonymous-hacker-a-restraining-order-via-nft-2835925","name":"investing.com","type":"other","credibility":3},{"url":"https://nftnewstoday.com/2022/06/17/first-law-firm-uses-nft-to-serve-an-anonymous-defendant-a-restraining-order/","name":"nftnewstoday.com","type":"other","credibility":3},{"url":"https://quadrigainitiative.com/casestudy/lcxexchangehotwallethack.php","name":"quadrigainitiative.com","type":"other","credibility":3}],"severity":"medium"},{"content":"LCX AG is incorporated in Vaduz, Liechtenstein, and holds eight registrations from the Liechtenstein Financial Market Authority (FMA) issued on December 30, 2020, under the Token and Trusted Technology Service Provider Act (TVTG). The registered service categories include exchange service provider, token depositary, key depositary, price service provider, identity service provider, token generator, and token issuer. The exchange is externally audited by Grant Thornton. In October 2022 LCX relaunched its exchange platform with updated infrastructure under continued FMA oversight. In December 2024 LCX filed a pre-application for a Pan-European Markets in Crypto-Assets Regulation (MiCA) license in Liechtenstein; formal MiCA applications in Liechtenstein opened February 1, 2025. LCX operates under MiCAR transition arrangements and has stated a target compliance date of December 31, 2025. The exchange's CEO and founder is Monty C. M. Metzger, a serial entrepreneur who founded his first company in 1998 and has been a member of the World Economic Forum.","heading":"Regulatory Status and Licensing","sources":[{"url":"https://www.lcx.com/lcx-receives-8-blockchain-registrations-from-financial-market-authority-liechtenstein/","name":"lcx.com","type":"other","credibility":3},{"url":"https://www.prnewswire.com/news-releases/lcx-receives-licenses-from-the-financial-market-authority-of-liechtenstein-301199446.html","name":"prnewswire.com","type":"other","credibility":3},{"url":"https://www.crowdfundinsider.com/2022/10/197208-lcx-relaunches-crypto-exchange-regulated-by-liechtenstein-financial-market-authority/","name":"crowdfundinsider.com","type":"other","credibility":3},{"url":"https://www.globenewswire.com/news-release/2024/12/24/3001715/0/en/Crypto-Exchange-LCX-Files-Pre-Application-For-MiCA-License-in-Liechtenstein.html","name":"globenewswire.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/257707/leading-the-european-crypto-charge-lcx-set-to-become-first-mica-ready-exchange-in-liechtenstein","name":"theblock.co","type":"other","credibility":3}],"severity":"medium"},{"content":"LCX carries a 'Poor' rating of approximately 2.5–3.3 out of 5 on Trustpilot based on 82 reviews as of available data. The most recurring complaint categories include multi-day withdrawal delays (users report waits exceeding one month for sub-€200 withdrawals), unexplained account freezes attributed to alleged 'multiple accounts' policy violations, ghosted KYC verification requests, unpaid referral and rewards bounties, and unresponsive customer support. One reviewer alleged their account was blocked and they received legal threats after posting critical commentary about LCX on Twitter. These complaints are consistent across Trustpilot and Scamadviser (rated 2.9/5). LCX has publicly attributed processing delays to regulatory and KYC compliance requirements. Independent reviews note the platform's low trading volumes relative to its marketing positioning.","heading":"User Complaints and Platform Conduct","sources":[{"url":"https://www.trustpilot.com/review/lcx.com","name":"trustpilot.com","type":"other","credibility":3},{"url":"https://www.cybercriminal.com/132701/lcx-com-trust-issues-and-high-risk","name":"cybercriminal.com","type":"other","credibility":3},{"url":"https://tradersunion.com/reviews/lcx-com/","name":"tradersunion.com","type":"other","credibility":3}],"severity":"medium"},{"content":"LCX operates a native ERC-20 utility token (ticker: LCX) with a maximum and total supply of 950,000,000 tokens, of which approximately 949,224,759 are in circulation as of available data. The token grants holders up to 50% reductions in trading fees on the LCX platform, access to launchpad offerings, and staking participation on the planned Liberty Chain mainnet. Market capitalization was approximately $30 million USD as of early 2026 data, ranking the token around #569–636 on CoinMarketCap. The token's fully-circulating supply structure means there are no further scheduled unlocks.","heading":"Native LCX Token","sources":[{"url":"https://coinmarketcap.com/currencies/lcx/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.coingecko.com/en/coins/lcx","name":"coingecko.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Prior to the January 2022 hack, LCX had engaged cybersecurity firm Hacken for a security assessment between March and October 2021, receiving a positive security score, and launched a bug bounty program on HackenProof in September 2021. Despite these measures, the hot wallet private key was allegedly compromised, suggesting either operational security failures or a supply chain/insider threat vector not publicly disclosed. Post-hack, LCX rebuilt its infrastructure with enhanced security measures and additional wallet management controls. The exchange did not publicly disclose the specific root cause of the private key compromise. The rapid speed with which the attacker converted and laundered funds (full cycle in under 1.5 hours) is consistent with a pre-planned operation, though no specific threat actor has been formally attributed by law enforcement or blockchain analytics firms in public statements reviewed.","heading":"Security Posture Pre- and Post-Hack","sources":[{"url":"https://hacken.io/industry-news-and-insights/lcx-hack-january-2022/","name":"hacken.io","type":"other","credibility":3},{"url":"https://www.lcx.com/hot-wallet-incident-report/","name":"lcx.com","type":"other","credibility":3},{"url":"https://www.trmlabs.com/post/exploit-radar-lcx-hot-wallet-hack","name":"trmlabs.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2018","event":"LCX (Liechtenstein Cryptoassets Exchange) founded by Monty C. M. Metzger in Vaduz, Liechtenstein.","source":"","date_original":"2018-01-01"},{"date":"2020-12-30","event":"LCX AG receives eight registrations from the Liechtenstein Financial Market Authority (FMA) under the TVTG Blockchain Act.","source":""},{"date":"2021-09","event":"LCX launches a bug bounty program on HackenProof following a Hacken security assessment.","source":"","date_original":"2021-09-01"},{"date":"2022-01-08","event":"Hot wallet hack occurs between 11:23 PM–11:37 PM CET; approximately $7.94M in crypto assets drained. Stolen funds laundered through Tornado Cash within 1.5 hours.","source":""},{"date":"2022-01-09","event":"LCX publicly discloses the hack, suspends deposits and withdrawals, notifies Elliptic and law enforcement in Liechtenstein.","source":""},{"date":"2022-01-09","event":"Monerium freezes approximately 611,000 EURe on-chain; 500 ETH frozen at Coinbase Europe via Liechtenstein court order through Irish law enforcement.","source":""},{"date":"2022-01-28","event":"LCX resumes all deposits and withdrawals; affected users compensated from LCX's own funds.","source":""},{"date":"2022-06","event":"LCX files complaint in New York Supreme Court. A temporary restraining order is served on the anonymous defendant via NFT airdrop — alleged first use of NFT legal service in history. 1.3M USDC frozen by Centre Consortium.","source":"","date_original":"2022-06-01"},{"date":"2022-10","event":"LCX relaunches its exchange with updated infrastructure under continued FMA regulation.","source":"","date_original":"2022-10-01"},{"date":"2024-12-24","event":"LCX files pre-application for Pan-European MiCA license in Liechtenstein.","source":""},{"date":"2025-02","event":"Liechtenstein implements MiCAR; LCX files formal MiCA license application.","source":"","date_original":"2025-02-01"}],"sources_used":[{"url":"https://www.lcx.com/hot-wallet-incident-report/","name":"lcx.com","type":"other","archive_url":"http://web.archive.org/web/20251203212909/https://www.lcx.com/hot-wallet-incident-report/","credibility":3,"archive_timestamp":"2025-12-03T21:29:09+00:00"},{"url":"https://www.trmlabs.com/post/exploit-radar-lcx-hot-wallet-hack","name":"trmlabs.com","type":"other","archive_url":"https://web.archive.org/web/20260830133957/https://www.trmlabs.com/resources/blog/exploit-radar-lcx-hot-wallet-hack","credibility":3,"archive_timestamp":"2026-08-30T13:39:57+00:00"},{"url":"https://quadrigainitiative.com/casestudy/lcxexchangehotwallethack.php","name":"quadrigainitiative.com","type":"other","archive_url":"http://web.archive.org/web/20260830091543/https://quadrigainitiative.com/casestudy/lcxexchangehotwallethack.php","credibility":3,"archive_timestamp":"2026-08-30T09:15:43+00:00"},{"url":"https://cointelegraph.com/news/lcx-loses-6-8m-in-a-hot-wallet-compromise-over-ethereum-blockchain","name":"cointelegraph.com","type":"other","archive_url":"http://web.archive.org/web/20260725165846/https://cointelegraph.com/news/lcx-loses-6-8m-in-a-hot-wallet-compromise-over-ethereum-blockchain","credibility":3,"archive_timestamp":"2026-07-25T16:58:46+00:00"},{"url":"https://beincrypto.com/lcx-exchange-hacked-6-8m-transferred-to-hackers-wallet/","name":"beincrypto.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.lcx.com/lcx-hack-update/","name":"lcx.com","type":"other","archive_url":"https://web.archive.org/web/20260901041407/https://lcx.com/en/lcx-hack-update","credibility":3,"archive_timestamp":"2026-09-01T04:14:07+00:00"},{"url":"https://www.investing.com/news/cryptocurrency-news/law-firm-serves-anonymous-hacker-a-restraining-order-via-nft-2835925","name":"investing.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://nftnewstoday.com/2022/06/17/first-law-firm-uses-nft-to-serve-an-anonymous-defendant-a-restraining-order/","name":"nftnewstoday.com","type":"other","archive_url":"http://web.archive.org/web/20260610055937/https://nftnewstoday.com/2022/06/17/first-law-firm-uses-nft-to-serve-an-anonymous-defendant-a-restraining-order","credibility":3,"archive_timestamp":"2026-06-10T05:59:37+00:00"},{"url":"https://www.lcx.com/lcx-receives-8-blockchain-registrations-from-financial-market-authority-liechtenstein/","name":"lcx.com","type":"other","archive_url":"https://web.archive.org/web/20260829202929/https://lcx.com/en/lcx-receives-8-blockchain-registrations-from-financial-market-authority-liechtenstein","credibility":3,"archive_timestamp":"2026-08-29T20:29:29+00:00"},{"url":"https://www.prnewswire.com/news-releases/lcx-receives-licenses-from-the-financial-market-authority-of-liechtenstein-301199446.html","name":"prnewswire.com","type":"other","archive_url":"http://web.archive.org/web/20260617033258/https://www.prnewswire.com/news-releases/lcx-receives-licenses-from-the-financial-market-authority-of-liechtenstein-301199446.html","credibility":3,"archive_timestamp":"2026-06-17T03:32:58+00:00"},{"url":"https://www.crowdfundinsider.com/2022/10/197208-lcx-relaunches-crypto-exchange-regulated-by-liechtenstein-financial-market-authority/","name":"crowdfundinsider.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.globenewswire.com/news-release/2024/12/24/3001715/0/en/Crypto-Exchange-LCX-Files-Pre-Application-For-MiCA-License-in-Liechtenstein.html","name":"globenewswire.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:not-found","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.theblock.co/post/257707/leading-the-european-crypto-charge-lcx-set-to-become-first-mica-ready-exchange-in-liechtenstein","name":"theblock.co","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.trustpilot.com/review/lcx.com","name":"trustpilot.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.cybercriminal.com/132701/lcx-com-trust-issues-and-high-risk","name":"cybercriminal.com","type":"other","archive_url":"https://web.archive.org/web/20260829202122/https://forsale.godaddy.com/forsale/www.cybercriminal.com?utm_source=TDFS_DASLNC&utm_medium=parkedpages&utm_campaign=x_corp_tdfs-daslnc_base&traffic_type=TDFS_DASLNC&traffic_id=daslnc&","credibility":3,"archive_timestamp":"2026-08-29T20:21:22+00:00"},{"url":"https://tradersunion.com/reviews/lcx-com/","name":"tradersunion.com","typ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