Hackers Strike Again As Liquid Exchange Loses $80 Million
As cryptocurrency gains traction and garners attention, it seems crypto exchanges are also increasingly beginning to gain the attention of hackers everywhere. It’s starting to almost become a weekly occurrence given the frequency. Over the past few weeks, multiple exchanges have been hit with the most prominent of these being the popular Poly Network hack. Hacking continues to be a hot topic in the rapidly growing cryptocurrency sphere with many companies now beginning to recognise its severity on the back of the latest slew of hacks.
Popular Japanese exchange, Liquid is the latest victim of these hacks. While information about the hacks is scarce online with Liquid being very tightlipped about it, some details have still managed to leak.
Over $70 Million Worth Of Crypto Was Stolen
The hack was reported this morning by Liquid’s own Twitter account at 2:05 AM UTC. According to the account, its warm wallets, which is a name for crypto wallets connected to the internet and accessible from it, were compromised. The exchange has been sparse on details and the specifics of the data breach but has since then provided updates about the movement of the funds between wallets.
Crypto website “Theblockcrypto.com” has provided further information stating that the stolen funds were sent to a total of four wallets following the breach with a total of about $80 million being stolen in multiple coins. The majority of the funds were in ETH of about $69 million with a lesser amount of $4.7 million BTC being sent to a separate wallet. The rest was transferred in other unspecified ERC-20 tokens. At the time of writing, the hacker still remains in possession of $74 million worth of tokens.
Crypto Hacks Becoming An Increasingly Recurring Problem
The past few months have been exceedingly rocky for the crypto industry when it comes to hacking. While initially thought to be a less pressing issue, recent developments have shown that it is a hydra that needs to be addressed. With more people looking to get into crypto over the past year, the fear of being hacked and watching your holdings reduce to almost nothing is a worry that will stop many from taking the leap into cryptocurrency.
Some companies have started to be proactive about this. The recently hacked Poly Network was significantly impressed enough with the hacker’s skill and following goodwill in returning the funds from the exploited hack that it was willing to offer the hacker a high ranking job testing its security for possible exploitations. It has gone further to offer a bug bounty to people willing to find loopholes in their network so that they can be patched. Paradigm network also recently found and helped patch a loophole in SushiSwap’s network that could have been exploited to lead to a possible $350 Million loss.
Hopefully, more companies will begin to realise how serious a problem hacking is to the industry and begin to take steps to actively combat it before it does irreversible damage to the industry’s image.
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