Security News > 2021 > August > Liquid cryptocurrency exchange loses $94 million following hack
Japan-based cryptocurrency exchange Liquid has suspended deposits and withdrawals after attackers have compromised its warm wallets.
Liquid is one of the largest cryptocurrency-fiat exchange platforms worldwide.
According to blockchain analytics firm Elliptic, who is helping Liquid trace the stolen funds, the hackers stole roughly $94 million worth of cryptocurrency assets in the attack.
This incident follows the biggest cryptocurrency hack ever, the theft of over $611 million after an unknown threat actor hacked Poly Network's cross-chain interoperability protocol last week.
In a weird twist of events, Poly Network first threatened the attacker to return the stolen cryptocurrency to avoid landing on law enforcement's radar.
In July, the FBI issued a Private Industry Notification warning cryptocurrency owners, exchanges, and third-party payment platforms of threat actors actively targeting virtual assets in attacks that can lead to significant financial losses.