A prominent Japanese cryptocurrency platform, Liquid underwent a massive hack that caused the loss of crypto worth $80 million.
The crypto-verse isn’t new to hacks and attacks. Just as the value of the crypto market began to surge, it became a target to criminals who were looking to make easy money. Regulators started to intervene once the number of cybercrimes related to crypto began rising. While crypto platforms across the globe were seen strengthening their security, Liquid’s security was compromised.
The Japanese exchange alerted its users about the latest hack through its Twitter handle and revealed that hold on deposits and withdrawals was imposed.
Japanese exchange falls prey to a hack
In its tweet, the exchange noted that its warm wallets were compromised and the assets were reportedly being moved to the cold wallets. The tweet further read,
Furthermore, the Japanese exchange affirmed that the situation was being investigated and Liquid had found the hacker’s address. The exchange wrote,
“The following assets had been transferred to hacker’s following addresses (Further investigation to come):
As mentioned above prominent assets like Bitcoin [BTC], Ethereum [ETH], Tron [TRX], and XRP were stolen from the platform. The platform lost over 100 BTC, about 11 million XRP, and about 10 million TRX. Additionally, a whopping $60 million worth of Ethereum and other ERC20 tokens were taken from the Japanese exchange.
This security breach had undoubtedly urged other exchanges to not only stay alert but also look into their security system. Prominent cryptocurrency exchange, KuCoin decided to show support and stay alert by blacklisting the aforementioned addresses. The CEO of the crypto exchange, Jonny Lyu took to Twitter to affirm the same. The tweet read,
“We are aware of the #LiquidGlobal security incident, and the hacker’s addresses have been added to the blacklist of #KuCoin. Hope everything is OK. 🙏”