Liquid, a Japanese crypto exchange got hacked and faces a loss of $94M

Syed AhadWeb Editor

20th Aug, 2021. 12:26 am

After the hack on Poly Network, a Japanese crypto exchange Liquid also 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.

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

“Warm” or “hot” digital wallets are usually web-based and are meant to make it easier for users to access bitcoins. “Cold” wallets are offline and more difficult to access, making them more secure.

Elliptic, a London-based blockchain analysis firm, said the thief’s digital addresses had received more than $94 million in digital currency, including about $31 million in ether, $5 million in bitcoin, and $13 million in XRP.

Elliptic reported that $45 million in tokens related to the Ethereum blockchain were also taken.

The hacker or hackers is converting some of these tokens to the ether cryptocurrency through decentralized – peer-to-peer – exchanges, it added.

Elliptic said it was aiding Liquid in tracking the stolen funds.

Liquid is the new exchange in japan that was majorly hacked.

Liquid operates in more than 100 nations and serves millions of clients globally. It stated.

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