Liquid, a Japanese crypto exchange covers hacking losses

Syed AhadWeb Editor

26th Aug, 2021. 07:00 pm
Liquid

Liquid Global, a Japanese crypto exchange, revealed that it had raised $120 million in debt financing from FTX, a partner exchange. The loan agreement was not discussed in detail during the conversation.

Liquid Group COO Seth Melamed stated:

“By collaborating with FTX, we see enormous opportunities to drive innovation and change the future of finance with blockchain technology.”

The CEO of FTX, Sam Bankman-Fried, tweeted that FTX was “proud to announce” its capital extension to Liquid. He wrote:

“We’ve admired what Liquid has been working towards: a leader in international cryptocurrency compliance, and one of the longest-running exchanges in the ecosystem.

Earlier, the Japanese crypto exchange got hacked and faces a loss of more than $94 million.

“We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet,” it said on Twitter, adding that deposits and withdrawals were suspended.

The liquid later stated that it was tracing the assets’ transfer and collaborating with other exchanges to freeze and restore cash.

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