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Liquid Group is a cryptocurrency exchange that originally hails from Singapore and operating since 2014. However, since the digital trading forum has been licensed by the Financial Supervisory Authority of Japan (FSA), it is often considered native to the land of the rising sun. The hack that is considered one of the biggest digital heists of 2021 targeted the Liquid Crypto office based in Tokyo.
The hackers were able to get away with $97 million worth of crypto assets. The digital asset mix that was intercepted by the hackers contained altcoins like Litecoin, Bitcoin, Ethereum, Tron, and XRP, among others. Currently, the experts are working with cybersecurity consultants to investigate the unfortunate incident in detail.
Liquid Crypto Management Halts All Operations
At present, the users of Liquid Crypto are unable to use any of the services. The management has claimed that they are moving all of the stored digital assets to a cold wallet. Cold wallets are a type of hardware storage for online data. These wallets are great for taking the digital asset out of the online connectivity where they cannot be susceptible to more hack attacks.
As part of the first incident report, Liquid Crypto developers told the media that the hackers were able to break into one of the hot wallet addresses. Further explanation of the incident revealed that the hackers were trying to breach the MPC named QUOINE PTE. MPC is short for Multi-Party Computation Wallet. At present, no further details about the hack attack have been shared with the public.
Liquid Crypto is not the first casualty of the DeFi market hacks in 2021. Another major incident took place when a DEX named PolyNetwork was targeted by hackers recently. The hackers claimed that they took possession of the platform for fun, and they proceeded to keep the money that they stole. However, PolyNetwork management has recently planned to take steps for better security.
The management of the DEX announced that the enterprise is planning to offer a bug bounty with a reward of $500,000. Meanwhile, the management of Liquid Crypto has stopped all deposit and withdraws options on their platform. The investors will not be able to use the forum until the threat has been discovered and removed completely. The firm has also approached several other exchanges to freeze their tokens and recover stolen funds.