January 17, 2022
Alerts & Bugs

Japanese crypto exchange hit by estimated $94 mln hack – ET CISO

LONDON – Japanese cryptocurrency exchange Liquid said on Thursday it was hit by hackers in a theft estimated to top $94 million, in the latest targetting of a crypto platform.

“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 said it was tracing the movement of the assets and working with other exchanges to freeze and recover funds.

“Warm” or “hot” digital wallets are usually based online and designed to allow users to access cryptocurrencies more easily. “Cold” wallets are offline and harder to access – and therefore typically more secure.

London-based blockchain analysis firm Elliptic said digital addresses identified by Liquid as belonging to the thief had totalled over $94 million , including $45 million in tokens connected to the Ethereum blockchain.

The hacker or hackers is converting these tokens to the ether cryptocurrency via so-called decentralised – peer-to-peer – exchanges, Elliptic said, adding that it was aiding Liquid in tracking the stolen funds.

Liquid’s CEO did not immediately respond to a Reuters request for comment.

Crypto platform Poly Network was at the centre of a $610 million crypto theft last week, one of the biggest ever. Within days of the heist, the decentralised finance platform said the “white hat” hacker or hackers had returned nearly all the loot.

Founded in 2014, Liquid says it serves millions of customers across the world. It operates in over 100 countries, it said.

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