HomeNewsTechJapanese fintech company "Liquid" lost assets worth up to $94 millions

Japanese fintech company “Liquid” lost assets worth up to $94 millions


Last Updated on 22/11/2021 by Riya

One of the Japanese Financial Services Agency called Liquid was breached recently. The hackers broke into its servers and stole crypto-assets worth at least $94 million at today’s exchange rates. Even though Liquid has not yet confirmed his net loss. The company posted a tweet on Thursday in which it stated that “currently they are investigating the issue and will keep updated you regarding the issue, in the meanwhile, all deposits and withdrawals will be suspended”.

It appears that the incident took place after the hackers took control over the cryptocurrency accounts where funds for daily transactions are kept. Rests of the funds are moved into offline accounts as Liquid intends to shut the hackers off its internal network. It has also published a series of four tweets comprising of hacked cryptocurrency addresses, i.e.; BTC, ETH, TRX, and XRP which is believed to still be under hackers’ control. Out of $94 million, $45 million consisted of Ethereum tokens, which are getting currently converted into Ether, hence giving a plus hand to the hackers as they don’t have to get these assets frozen.

It is not the first time, Liquid has experienced such deprivation. Even last year in November, a hacker entered the social-engineered Liquid’s DNS provider and took full control of the exchange DNS infrastructure. He used this access to phish companies’ employees for their credentials and accessed the company’s internal network. He was just able to collect the personal data of some of the customers, while all funds were safe.The news arrived just after the decentralized finance project Poly Network lost its funds to a hacker, worth over $600 million.

Riya is a technology enthusiast and an avid researcher. She writes about consumer tech, hacking, and technology consumer issues at TheDigitalHacker.
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