Bitcoin bureau suspends withdrawals after $90 million theft | Antivirus and Security

The Japanese bitcoin exchange (BTC) and other cryptocurrencies Liquid revealed this last Wednesday (18) that it was the victim of a cyber attack, in which hackers took more than US$90 million in cryptocurrencies from some compromised digital wallets . The exchange has issued a statement to its clients, saying that while investigations are ongoing, all withdrawals and deposits are suspended.

Japanese cryptocurrency exchange loses more than US$90 million in hacker attack (Image: Mika Baumeister/Unsplash)
Japanese cryptocurrency exchange loses more than US$90 million in hacker attack (Image: Mika Baumeister/Unsplash)

“We are currently investigating and will provide regular updates… In the meantime, deposits and withdrawals will be suspended.” said Liquid on Twitter. The digital currency exchange has not set any deadline for the standardization of services.

Hackers Take Over $90 Million

According to Liquid, the stolen funds were transferred to four different digital wallets. Initially, the exchange could not estimate the losses from the invasion, but further analysis revealed that the exchange office identified the unauthorized withdrawal of $91.35 million worth of cryptoactives. “69 different cryptocurrencies were siphoned off and sent to other decentralized exchanges or brokerages. Assets placed in Liquid Earn were not affected,” the company said.

However, Elliptic, a blockchain data analytics company, performed its own tally and showed that the losses may have been greater. According to his investigation, $97 million was stolen from the digital asset trading platform.

Of the total, $45 million in tokens were converted to ether (ETH) through decentralized exchanges, which are blockchain-based platforms that don’t require intermediaries like Uniswap and SushiSwap, according to Elliptic. “This allows the hacker to prevent these assets from being frozen, as is possible with many tokens in Ethereum”, concluded the company.

Balance of stolen Liquid cryptocurrencies (Image: Reproduction/ Elliptic)
Balance of stolen Liquid cryptocurrencies (Image: Reproduction/ Elliptic)

Liquid is among the top 20 cryptocurrency exchanges in the world by daily trading volume, processing more than $133 million in transactions in the last 24 hours it was in operation, according to data from CoinMarketCap. The exchange has more than 800,000 customers in over 100 countries.

Liquid provided its clients with guidance on what to do at this time:

  • To ensure the safety of funds, do not attempt to deposit digital assets in your wallets until further notice.
  • Liquid stopped all withdrawals and deposits of cryptocurrencies while assessing the impact of what happened.
  • Trust money withdrawals and deposits are still available.
  • Liquid’s other services, including trading and “Liquid Earn”, remain available as well.

Second major cryptocurrency robbery in August

This is the second major cryptocurrency theft in August. Considered the biggest cryptocurrency theft in history, Poly Network, another decentralized financial and digital asset trading platform, lost more than $600 million after an invasion by what may have been a single hacker or organized group.

However, the case gained even more repercussions for the criminal to identify himself as a “white hat” hacker, or a benefactor, who finds bugs and loopholes and exposes them before other “bad guys” find them. He agreed to return the entire stolen amount against Poly Network’s own compensation of $500,000.

With information: BleepingComputer