Crypto Cyber Attacks: Exchanges are not exempt – Hacker stole $97 Million from “Liquid”

Cryptocurrency and crypto-assets rose to popularity in the financial world during the pandemic.

With this massive welcome of crypto investments in 2020, hackers launched more ventures to target various crypto companies. In August 2021, $97 million in crypto assets were stolen by a hacker from the Japan-based cryptocurrency exchange Liquid.

Crypto Cyber Attacks – Liquid

The recent data breach was announced on Twitter last August 19.

The breach froze any deposit and withdrawal activities from Liquid. Due to the incident, the company announced that they are moving the assets into a cold wallet.

Liquid is not the only crypto company targeted by hackers

The attack took place only a few days after Poly Network lost $612 million to a hacker heist. As per Liquid’s Twitter announcement, they will keep their investors updated with the developments of their investigation on the recent data breach. They are currently tracking the movements of the stolen assets. They are also working with other exchanges to freeze these movements to ultimately recover the funds.

?Elliptic, which is the blockchain analytics firm aiding Liquid in tracking the stolen assets, detected that nearly $100 million tokens were stolen. Elliptic reported that at least $45 million in Ethereum assets were converted to Ether with the assistance of decentralised exchanges like SushiSwap and Uniswap to prevent freezing the assets.

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