Japanese cryptocurrency exchange Liquid said it has been a victim of a cyberattack. According to the report, the threat actors transferred the stolen funds to four different wallets.
“We are currently investigating and will provide regular updates,” Liquid tweeted. As a result of the hack, the exchange says it has suspended deposits and withdrawals for the meantime. Liquid did not provide details of the funds stolen o how much was involved.
Blockchain analytics firm Elliptic, in its analysis, stated that the hacking group stole about $97 million worth of digital assets.
Elliptic noted that about $45 million in tokens are converted to Ethereum (ETH) via decentralized exchanges such as SushiSwap and Uniswap. These platforms do not require intermediaries to convert cryptocurrencies. As a result, it makes sense for cybercriminals to use the mediums to avoid having the assets frozen.
Ranked among the top 20 exchanges in the world, the platform processed over $133 million worth of transactions within the past 24 hours.
The second hack on a crypto exchange in 10 days
This is the second time a crypto platform will be attacked within 10 days. On August 10, decentralized finance (DeFi) firm, Poly Network, was the victim of a $600 million hack. However, the threat actors surprisingly engaged with the platform and returned almost all the funds. But about $200 million of the funds are still locked in an account that required the password of the threat actor.
In response to the incident, crypto exchange KuCoin added the hackers to its blacklist.“The hacker’s addresses have been added to the blacklist of KuCoin,” KuCoin tweeted.
Increase in global crypto hacking incidences
Global crypto hacking incidences have risen since the beginning of the year, mainly due to the massive interest the sector is gaining from investors.
In March, social crypto coins fell heavily after threat actors attacked social token platform, Roll.
Crypto tokens such as PICA, RARE, and WHALE also fell sharply after $5.7 million worth of tokens were stolen.