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UPDATED: the estimated total value of the stolen cryptoasset has been updated to reflect the latest information from Liquid regarding the accounts associated with the theft.
Japanese cryptocurrency exchange Liquid has announced that it has suffered a major hack and resulting loss of funds:
Important note:
We are sorry to announce this #LiquidGlobal warm wallets are threatened, we are moving funds to a cold wallet.We are currently investigating and will update regularly. In the meantime, deposits and withdrawals will be suspended.
— Liquid Global Official (@Liquid_Global) August 19, 2021
According to Elliptic’s analysis, just over $97 million in cryptoassets were received into accounts that Liquid identified as belonging to the thief.
This includes $45 million in Ethereum tokens, which are converted into Ether using decentralized exchanges (DEX) such as Uniswap and SushiSwap. This allows a hacker to avoid freezing these assets — as is possible with many Ethereum tokens.
This ether is now laundered through Tornado Cash, a smart contract-based mixer used to hide the money trail on the blockchain. Nearly $20 million in stolen property has been sent to the Tornado since this article was last updated. Exchanges and other crypto service providers should be on the lookout for large deposits originating from Tornado Cash.
Elliptic has added the addresses associated with the thieves to our system, ensuring our customers will be alerted if they receive any of these funds. Our investigators also assist Liquid in tracking the stolen funds.
This article will be updated as we have more information.
Financial Services APAC Crypto Businesses
