Cryptocurrency exchanges

Japanese crypto exchange Liquid Global hacked more than $90m stolen

Regulated cryptocurrency exchange Liquid from Japan has suspended coin deposits and withdrawals due to a hot wallet hack. The hacker managed to steal $94 million worth of coins.

The hacker obtained $94 million in cryptocurrencies

The company tweeted Thursday morning in Japan time that hot wallets had been compromised and assets moved to cold wallets. “We are currently investigating and will provide regular updates. In the meantime, deposits and withdrawals are suspended.”

According to Reuters, the thief had obtained over $94 million in cryptocurrencies, including about $31 million in Ether, $5 million in Bitcoin, and $13 million in XRP. Around $45 million in tokens linked to the Ethereum blockchain were also stolen. The hacker converted some of these tokens into the cryptocurrency Ether via so-called decentralized peer-to-peer exchanges.

Not the first time that the company got hacked

In November 2020, the exchange was also hit by a hack. The company’s CEO, Mike Kayamori, said in a blog post that the attack occurred on November 13. The hacker gained access to the company’s domain records, allowing him to control several employee email accounts and later compromised the corporate network. No cryptocurrencies were stolen at the time, but the hacker gained access to critical information.

Exchange hacks are common in the crypto market. Exchanges must be prepared for such attacks. As this attack shows, funds stored in cold wallets are much safer than funds stored in hot wallets. The hackers could not get to the cold wallets.

Source: https://www.cryptonary.com/japanese-crypto-exchange-liquid-global-hacked-more-than-90m-stolen/

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