Liquid cryptocurrency exchange loses $94 million following hack

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$94 million worth of assets stolen

Japan-based cryptocurrency exchange Liquid has suffered a cyber-attack in which its warm wallets were compromised and $94 million worth of assets were stolen. The exchange was forced to suspend its deposits and withdrawals.

Liquid is one of the largest cryptocurrency-fiat exchange platforms worldwide (based on daily traded spot volume). The exchange, which has more than 800,000 customers from over 100 countries, had reached a $1.1B+ daily trade volume this year.

On being aware of the attack, the crypto exchange moved its assets into a cold wallet.

Liquid is currently investigating the attack and will provide regular updates. The deposits and withdrawals has been suspended for the time being.

The blockchain analytics firm Elliptic is helping Liquid trace the stolen funds which stated that the hackers stole roughly $94 million worth of cryptocurrency assets in the attack.

Elliptic stated that the stolen funds include $45 million in Ethereum tokens, which are currently being exchanged for ETH on DEXs such as Uniswap and SushiSwap. This helps the attackers to avoid having these assets frozen which is possible with many Ethereum tokens.

This incident follows the biggest cryptocurrency hack ever, the theft of over $611 million after an unknown threat actor hacked Poly Network’s cross-chain interoperability protocol last week.

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