FTX grants USD $120 million loan to Japanese exchange Liquid Global
FTX grants USD $120 million loan to Japanese exchange Liquid Global By Angel Di Matteo

@shadowargelRelating to the funds appropriated by FTX, Liquid’

s team reported that it will use the capital to improve its balance sheet and work on obtaining licenses to secure its operations.

***

The US-based cryptocurrency exchange

led by

Sam Bankman-Fried, FTX, revealed that it will lend about USD $120 million to Japanese exchange Liquid Global,

which was the victim of a hack last week in which attackers stole about USD $90 million in crypto funds.

This was revealed by the FTX

team in a press release published today, in which it claimed that the capital allocated will be aimed at helping Liquid to solve the inconveniences occurred and to promote its rapid recovery, while providing liquidity to resume full normal business operations. In

relation to this measure, Liquid’

s team indicated in a statement the following:

“The financing will also improve Liquid’s balance sheet and, in turn, its key regulatory metrics, further substantiating its opportunities to obtain and maintain licenses in the key jurisdictions of Japan and Singapore.”

The attack against Liquid

Last August 19, the Liquid

team reported through its official channels about a security breach exploited by unknown attackers, through which they perpetrated an attack with which they stole crypto funds of at least about USD $90 million.

The security breach compromised the exchange

‘s operations, which led to the suspension of deposits and withdrawals precisely to prevent potential losses to customers.

Since the attack targeted the wallets managed by the exchange, the Liquid

team was also forced to move the remaining funds to cold wallets, precisely to prevent further thefts through the compromised accounts.

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Other exchanges quickly contacted the Liquid

team to coordinate efforts and prevent the trading of the stolen funds. However, at the time it was learned of 9 addresses to which the attacker sent part of the assets stolen from the platform, and the authorities continue to investigate to find the person or persons responsible for these events.

L

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Source: CoinDesk, DiarioBitcoin Archive

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash