Japanese crypto exchange hacked losses of $80 million. Here is all you need to know.

Japanese crypto exchange, Liquid, was hacked yesterday and lost digital assets worth almost $80 million. The exchange has suspended deposits and withdrawals for investigation. The remaining assets are being transferred to cold storage.

As the crypto market is growing rapidly so are the scams in which many people have lost millions of dollars. The exchange tweeted yesterday telling its users that they will be suspending the withdrawals and deposits because their firm’s hot wallets have been attacked. The firm works under the of license japan Financial Services Agency (FSA).

Liquid issued a notice from its social media accounts informing users about the hacking activity and ongoing investigation. The Japanese crypto exchange also informed that the remaining assets will be transferred to the cold storage.

Japanese crypto exchange
Source: Twitter

Investigation by Japanese crypto exchange

The investigation is going on and the firm is hopeful that they will resume their services very soon. The initial investigation shows that top gainer digital assets like BTC, ETH, XRP, and TRX are believed to be in the control of hackers. The total loss isn’t calculated but the firm estimated that around $80 million worth of assets were moved from the warm wallets.

The firm has also shared the addresses to which these assets were moved and they are tracking the movement of the assets. Liquid Global, a Japanese crypto exchange, admitted that there was a user’s data leak back in November 2020. After the announcement, they assured that users’ data is safe now and they can trade securely.

Japanese crypto exchange is hopefull that they will continue to work with the community. These types of scams brings a lot of questions on the security of these firms. For more similar content click here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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