The hacker or hackers are turning these tokens into ether cryptocurrency via so-called decentralised – peer-to-peer – exchanges.
Liquid, a Japanese cryptocurrency exchange, revealed on Thursday that it had been hacked in a $94 million online theft, the latest crypto platform to be targeted.
It said on Twitter, adding that deposits and withdrawals were suspended, “We are sorry to announce that #LiquidGlobal warm wallets were compromised, we are moving assets into the cold wallet,”
Liquid later stated that it was tracing the assets’ transfer and collaborating with other exchanges to freeze and reclaim funds.
Warm or “hot” digital wallets are usually online based and meant to make it easier for users to access cryptocurrencies. “Cold” wallets are offline and more difficult to access, making them more secure.
Elliptic, a blockchain analysis firm located in London, revealed that the digital addresses identified by Liquid as belonging to the cyber-criminal had totalled over $94 million, including $45 million in tokens connected to the Ethereum.
Poly Network, a cryptocurrency platform, was the target of a $610 million crypto theft last week, one of the largest in history. The decentralised finance platform stated the “white hat” hacker or hackers had returned nearly all of the loot within days of the online theft.