The Japanese crypto exchange Liquid Global announced a security breach to their warm wallets.
In response to the compromise, Liquid said it is moving all assets into cold storage wallets for the time being. In addition, they suspended deposit and withdrawal services. The exchange also said they’re, “currently tracing the movement of the assets and working with other exchanges to freeze and recover funds.”
Liquid posted lists of the wallet addresses used by the hacker.
Liquid Global is a cryptocurrency exchange, which allows its user to buy and swap various digital currencies. Recently, it launched a new feature called, “Liquid Earn”. By participating in their earn program, investors can earn up to 13.989% APY on their crypto holdings.
Hackers on the Loose
The crypto industry has experienced multiple major hacks in the recent months.
Last week, the news of the Poly Network hack spread like wildfire across the crypto space. This was the largest hack to date in the DeFi community. The hacker stole over $600 million in various digital currencies. However, in this strange heist, the hacker complied with Poly and began returning chunks of funds.
Poly wasted no time and created a bug bounty program, which offers monetary rewards and encourages more focus on cybersecurity issues. The network even offered the hacker a position in the company as Chief Security Advisor.
Shortly after the news of the Poly hack, T-Mobile announced a breach of security which resulted in the loss of data of millions. While this isn’t a decentralized network, the hackers are selling the data on a dark web form in exchange for bitcoin.
Binance also felt the blow of a hack back in June. Now the UK high court ordered the exchange to investigate the hackers and freeze their accounts. Binance said they would comply.
As the crypto space continues to develop into a robust financial arena, cybersecurity must remain a top priority to the industry’s key players.