Tokyo-based cryptocurrency exchange company, Liquid, has reportedly lost $97 million due to a cyber attack.

Last Thursday Liquid revealed that it had detected unauthorised access of some of its crypto wallets. The incident prompted the exchange to halt all crypto withdrawals. 

According to London-based blockchain analysis company Elliptic, a crypto tracking firm assisting Liquid in its investigation, the threat actors stole nearly $100m in numerous currencies, including Ether ($32.5m), XRP ($12.9m), Bitcoin ($4.8m), Tron ($200,000) and Stablecoins ($9.2m). 

“This includes $45m in Ethereum tokens, which are currently being converted into Ether using decentralized echanges (DEXs) such as Uniswap and SushiSwap. This enables the hacker to avoid having these assets frozen - as is possible with many Ethereum tokens,” Elliptic explained.

“Elliptic has added the addresses associated with the thief to our system, ensuring that our clients will be alerted if they receive any of these funds. Our investigators are also aiding Liquid with tracking the stolen funds.”

Liquid is not the first Japanese exchange to be targeted. Mt Gox lost around $500m in cyber attacks in 2014, forcing it to shut down. Other victims include Coincheck and Bitpoint. 

However, the biggest cryptocurrency theft only occurred last week when Poly Network lost over $600m. Fortunately for them, the ‘ethical’ hackers returned most of the money the same day. 


FinCrime Global is back for another 2 information-packed days, featuring a series of brand new topics and themes.