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Hackers Steal $100M in Crypto From Liquid Exchange

Liquid Exchange
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Hackers steal $100M in crypto from Liquid exchange. Liquid is one of the popular exchanges in Japan. It is also among the top 20 exchanges on Coinmarketcap according to trading volume.

A big crypto heist in Japan occurred on August 19th. In a ‘Security Incident’, 100 Million dollars worth of cryptocurrencies including Bitcoin and Ether were stolen from Liquid exchange. The exchange suspended all deposit operations following the breach.

Liquid Exchange Security Breach
Liquid Exchange: Security Incident

The attack affected the warm wallets on the crypto platform. ‘Warm’ or ‘hot’ wallets are available online and can be easily accessed for funds. This makes them less secure than cold wallets which are present offline.

Crypto exchanges have been subjected to hacker attacks in the past as well. Last week one of the big defi networks, Poly suffered from a hacking attack. Mr. White Hat, the hacker, managed to steal $600 Million worth of assets. However, he promised to return them after the network wrote him a letter.

Liquid exchange is also working with other exchanges and trying to recover the asset. They are tracking the movement of stolen currency.

Liquid exchange was founded in 2014. It currently operates in more than 100 countries with millions of users leveraging its services on daily basis.

Crypto exchanges have experienced hacks in the past as well. Hacking a crypto exchange is quite a lucrative job for a hacker. It not only gives them access to money but also they are less likely to get caught because of the anonymous nature of digital currencies.

Also Read: Crypto Investors Suffer from Scam Emails

Liquid exchange is not the first Japanese crypto exchange to experience a heist. The popular crypto platform MtGox shut down after it lost half a billion dollars worth of bitcoin. This happened in 2014. In 2018, another exchange by the Coincheck lost $530M to hackers.

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