Saturday, February 4, 2023

Hackers Attack Liquid, Steal Over $94 Million In Cryptocurrencies

Japan-based crypto exchange Liquid became the latest target of cybercriminals, on Thursday.

On August 19, the Japanese crypto exchange informed its customers through a tweet that a hacker has stolen over $94 million of cryptocurrencies from its platform. Liquid further stated that for a time being the crypto trading platform has suspended the deposits and withdrawals services.

The Japanese crypto exchange took it to Twitter to inform its audience, and stated, “We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet.”

The exchange has been tracing the movement of crypto assets and is working with other crypto trading platforms to freeze and recover those stolen funds from cyber-criminals. 

The blockchain analytics firm Elliptic, in its report, mentioned that the scammer had stolen Ether worth around $31 million, Bitcoin worth $5 million and XRP worth $13 million, from the Liquid platform.

Elliptic further stated that the hacker had also stolen around $45 million of Ethereum-based tokens from the crypto trading platform in Japan. The blockchain analytics firm also claimed that the hacker has been using the decentralized P2P exchanges to convert a few of the stolen tokens to Ether.

It is to be noted that Elliptic has been helping Liquid to trace the funds stolen from its platform.

A week, the crypto platform Poly Network became the victim of one of the biggest heists ever, the network lost $610 million of crypto from its platform. However, a few days later, the finance platform announced that the ‘white hat’ hacker had returned almost all the funds to the network.

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