Hacks and data breaches happen on an almost weekly basis. Cryptocurrency exchange hacks are particularly damaging because they typically affect thousands of users and involve the loss of funds.
Unfortunately, the same is the case today as well, with the latest such development emerging from Japan.
Liquid Global (Official), ranked among the top 10 cryptocurrency exchanges based on daily traded spot volume with deep BTC/JPY liquidity, is trending now, but for all the wrong reasons.
As per an official statement, the exchange was hacked and more than $80 million in digital assets moved off the platform. The exchange confirmed the security breach in a tweet that read,
The following assets had been transferred to hacker's following addresses (Further investigation to come):
— Liquid Global Official (@Liquid_Global) August 19, 2021
Now, Liquid Global executives didn’t comment on the amount lost. However, based on the aforementioned addresses, more than 107 BTC (worth around $4.7 million), 9,000,000 TRX, 11,000,000 XRP, and around $69 million worth of ETH and ERC-20 tokens (14,537 ETH & ERC 2O tokens worth 7,039 ETH) were taken by the hacker.
At the time of writing, the exchange was yet to release a post-mortem report of the incident. The latest update from the platform revealed that,
“We are currently tracing the movement of the assets and working with other exchanges to freeze and recover funds.”
Needless to say, reactions were immediate and vocal. KuCoin CEO Johnny Lyu, for instance, acknowledged the incident on Twitter and commented,
— Johnny_KuCoin (@lyu_johnny) August 19, 2021
This article will be updated as soon as more information is made available by the exchange…