Japanese Crypto Exchange Liquid Hacked for At Least $85 Million
Liquid is a Japanese cryptocurrency exchange revealed today that an unknown hacker has compromised its hot wallets, for at least $85 Million.
They announced in a tweet, that Liquid Global warm wallets were compromised, and they are moving assets into the cold wallet. They are currently investigating and provide regular updates. Deposits and withdrawals are suspended.
A hot wallet is a type of hardware cryptocurrency storage device that is often connected to the Internet and can thus be remotely hacked. Conversely, so-called cold wallets are fully disconnected from the outside world to minimize the risk of being hacked.
Liquid disclosed several blockchain addresses that allegedly belong to the hacker and were used to transfer the stolen funds.
Liquid hacker makes off with $85 million
The alleged hacker’s Bitcoin (BTC) wallet contains about 107.42 BTC—or roughly $4.81 million at current prices. Meanwhile, the Ethereum (ETH) address listed by Liquid currently holds $44.5 million worth of ETH and $24.76 million in other altcoins.
In total, the alleged hacker’s addresses currently hold around $74 million worth of cryptocurrencies but have already sent out $11 million to three other wallets, totaling $85 million.
This hack continues the series of unfortunate crypto events from last week.
On August 10, the multi-chain interoperability protocol Poly Network was exploited for $600 million, making it the largest crypto hack in history. Luckily for regular users, the hacker ultimately returned all stolen funds.
It remains to be seen whether the Liquid hacker will do the same.
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