A hacker stole $600 million worth of assets last week, and a robbery followed. Cryptocurrency trading Poly Networks, before gradually returning the funds, claimed that they had completed the theft to highlight security vulnerabilities.
Liquid stated that although the transaction continues, it has suspended cryptocurrency withdrawals while assessing the impact of the attack.
In recent years, the popularity of cryptocurrencies as assets has soared, despite their volatility and concerns about their environmental impact, as trading them requires a lot of electricity.
Bitcoin, Ethereum and other digital currencies use a technology called blockchain to ensure that every transaction is recorded.
Thieves trying to steal cryptocurrency usually transfer funds to many different accounts—sometimes hundreds of thousands of transactions—at a dizzying rate in an attempt to cover their tracks.
However, industry players have done a better job in identifying and deterring stolen coins.
Liquid stated that “with the help of the crypto community and other exchanges,” the $16.3 million stolen Ethereum has been frozen.
