November 30, 2023

Japanese cryptocurrency exchange Liquid by Last week fell victim to an attack that resulted in large amounts of crypto-currency assets being stolen. The hackers were able to compromise its warm wallets, stealing various amounts of Ethereum, Bitcoin, Stablecoins, Ripple, and other tokens.

We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet. We are currently investigating and will provide regular updates. In the meantime deposits and withdrawals will be suspended

Liquid statement.

Warm wallets are usually online and are used for easily accessing and trading funds. Cold wallets, on the other hand, are stored offline and are considered more secure.

The exchange platform says that fiat withdrawals and deposits were not impacted and that other services such as trading and Liquid Earn remain available as well.Urged users not to deposit crypto-currency assets in their Liquid wallets until the attack is fully mitigated.

The hackers were able to hijack more than $97 million in various crypto-currencies. Includes $45 million in Ethereum tokens, which are currently being converted into Ether using decentralised exchanges (DEXs) such as Uniswap and SushiSwap. This enables the hacker to avoid having these assets frozen as is possible with many Ethereum tokens.

The attack on Liquid comes roughly one week after a hacker dubbed “Mr. White Hat” stole $600 million worth of cryptocurrency from crypto-exchange Poly Network. The platform later said the hacker was in the process of returning all of the stolen assets.

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