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  • Liquid, a Japanese crypto exchange, announced on Twitter that it had been hacked.
  • Up to 1 billion ren in crypto assets have been stolen, according to a report.
  • This is the latest in a series of crypto hacks and crimes that are becoming increasingly common.
  • For more stories see www.BusinessInsider.co.za.

Hackers raided the Japanese crypto exchange Liquid, the company tweeted on Thursday. The stolen assets could be worth up to 1 billion rupees, The Block reported.

“Important notice: We are sorry to announce that #LiquidGlobal Warm Wallets have been compromised, we are moving assets to the Cold Wallet. We are currently investigating and will provide regular updates. In the meantime, deposits and withdrawals are suspended, ”tweeted Liquid.

Liquid confirmed that Bitcoin, Ether, XRP and TRX coins were stolen in the hack. The exchange said it is tracking the movement of assets and working with other exchanges to freeze and recover the stolen funds. Liquid said the hackers managed to transfer some of the illegally acquired coins to a second and third account.

Johnny Lyu, the CEO of the KuCoin crypto exchange, confirmed that he was aware of the hack and that KuCoin had frozen the hacker’s addresses.

The Block reported that the hacker had confiscated up to Rs.1 billion worth of assets after initiating transactions valued at around Rs.1.1 billion at the time of the hack.

At the time of writing, the hacker’s Ethereum address has been allocated nearly $ 44.8 million (R 600 million) in funds, while its Bitcoin address has been allocated approximately $ 4.8 million (R 600 million) in tokens R) contained.

This is the latest in a series of crypto hacks and other crypto-related crimes that have become increasingly common over the past few months. Between January and the end of July, according to the secret service CipherTrace, crypto assets worth 681 million US dollars (around 10 billion rand) were involved in theft, hacks and fraud.

That number nearly doubled in the past week alone when DeFi platform Poly Network was hacked and over $ 600 million worth of funds were stolen in what is considered to be one of the biggest crypto heists of all Times was designated. Although the hacker has since returned some of the assets, the big hack has again drawn attention to vulnerabilities in cryptosystems and crypto-related theft.

Cryptocurrency and illicit activities related to crypto are a major concern of regulators, financial institutions and governments in view of the wider adoption of cryptocurrencies.

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