Last week, a hacker stole $600 million worth of assets from the cryptocurrency trading company Poly Network, and then gradually returned the money, claiming that they had cancelled the theft to highlight security breaches.
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 dizzying speeds 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.
