Japanese crypto exchange hacked – $100 Million In Coin Stolen

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Japanese crypto exchange hacked with a reported $100 million worth of digital coins making it the second major theft of cryptocurrencies in recent days following the $600-million heist of Poly Network.

Japanese crypto exchange hacked with a reported $100 million worth of digital coins making it the second major theft of cryptocurrencies in recent days following the $600-million heist of Poly Network.

Liquid shared that it is actively tracing the movement of the stolen cryptocurrencies and working with other exchanges to freeze and recover the assets. Just as with the Poly Network heist, Liquid too has published the wallet addresses used by the hacker, along with the details of the funds, and is working to have the assets frozen and blacklisted.

Japanese crypto exchange hacked has turned on the heat again!

While the Poly Network hacker returned the loot within hours, claiming to be a white hat hacker who only took the funds to draw Poly’s attention towards a vulnerability in their implementation, for now it appears Liquid has been attacked by profit goons.

The London-based blockchain analytics firm Elliptic said its analysis revealed that around $97 million in cryptocurrencies, which included Bitcoin and Ethereum tokens, had been wiped off in the haul. 

The local financial crimes watchdog, Financial Services Agency, would echo the same amount of estimated loss. 

Liquid, founded in 2014, has announced that it was tracking the movement of the stolen digital assets and is working with Elliptic to freeze and recover the funds. It operates in over 100 countries, serving millions of customers around the globe. Liquid had already frozen $16.3 million worth of stolen Ethereum with the assistance of the crypto community and other exchanges. 

“We are sorry to announce that #LiquidGlobal warm wallets were compromised. We are moving assets into the cold wallet,” Liquid announced on Twitter.

While the total amount stolen from Liquid has yet to be determined, BBC reports that according to estimates by blockchain analytics firm Elliptic, the value taken in over a dozen cryptocurrencies and coins could be upward of $97 million.

Last week, blockchain site Poly Network lost $600 million after a hacker, who goes under the pseudonym of Mr. White Hat, attacked a vulnerability in its system. It’s the second major crypto heist to take place in little over a week.

Despite their supposedly anonymous nature, cryptocurrencies can be blacklisted and their transactions tracked. Cryptocurrency robbers usually wait several years for the heat to die down before they can spend their ill-gotten stash, and it’ll be interesting to see the response of the ones that hit Liquid. 

However, industry players have grown better at identifying and blocking stolen coins. Liquid said $16.3 million worth of stolen Ethereum had already been frozen “due to the assistance of the crypto community and other exchanges”.

Is it the work of another Mr. White Hat?

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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