FinancialCentre Reports – Liquid Exchange Gears Up After A Loss Of Around $100 Million
London, UK, 4 Sep 2021, ZEXPRWIRE – Would it be entirely wrong to say that people all around the globe are easy to make a move from fiat to digital money? Well, the answer is no now. There was a time around 10 years back when everyone thought this way but thanks to Bitcoin the opinions seem to change. The FinancialCentre Broker Nathan Banks says that this small coin, which is nothing like our penny, had no physical presence yet it managed to revolutionize the entire finance industry all around the globe. The massive change it brought has pretty much changed the dynamics of the way payments have been made for a long time now. Individuals from all around the globe are showing huge interest in the area and every day we see the number of people owning crypto going up.
This trend is not only because crypto is highly profitable in fact, but there are also a whole lot of other reasons that continue attracting exchangers of all ages. It has been noticed that the major chunk of these investors come from age groups 25-35. Mr Banks thinks this is some great news because it indicates how the younger ones are eager to explore new methods of revenue generation. However, it should be made sure that all of these are well evaluating the associated risks.
Skating On Thin Ice
Crypto is not like a 9-5 job. You are expected to fight a lot of risks to reach where you have always dreamt of being. These risks are a lot about volatility and the hackers who are actively devising ways to peep into your computers and take away all your hard-earned money without you realizing it. During the 6 month period from December 2021 to May 2021, the reports have revealed that crypto exchanges have lost assets worth 2 million US dollars at hands of crypto scams. There are a number of different ways they act and one of them is hacking the websites of exchanges.
Liquid Hacked
On the 19th of August, a Japanese crypto exchange was hacked and this has put crypto traders, beneficiaries and exchanging firm owners and security agencies on their toes. Liquid has been investigating since then and it has been revealed so far that more than 97 million US dollars assets have been transferred to the thief wallets. Out of these 97 million, 45 million US dollars assets were actually Ethereum coins. The company informed that the hot wallets were compromised while the funds were being transferred to the cold one. Hot wallets are the ones that are connected to the internet while cold ones are not. They further said that they would be keeping their users fully updated about any news and for now the withdrawals and deposits are suspenders. It is being reported that they have been trying to track the hackers since then and they have met some success. It should be kept in mind that liquid is one of the world’s top 20 crypto exchanges in terms of the daily trading volume. Banks says that undoubtedly a huge attack in the system of such a firm has given the entire crypto world a wake-up call and if the world continues to sleep then one day the world’s crypto industry might crash leading to a loss of trillions.
Liquid Is Not Ready To Give Up
After this hack, it seems like the firm was quick to recover from the shock and is now gearing up to make up for a loss that is beyond huge. It was announced on Thursday that the firm has successfully managed to receive funds worth 120 million US dollars from FTX Trading. FTX Trading owns the FTX crypto derivatives exchange. It happens to be one of the 5 largest crypto exchanges in the world. It is said that the firm will make use of these 120 million to work on the liquidity, license the activities of the company in Singapore and Japan and also improve their customer support service.
What Does It Mean?
Banks has been emphasizing that the world needs to start taking emergency measures to curb the growing crime rate in the crypto world. He says it still shocks him how hackers manage to breach the robust security measures that are taken by the world’s largest firms. Events of this kind are not new and not all the crypto firm owners have closed their eyes to the lingering threat yet they fail to take any effective measures and put an end to such crimes once forever. He also said that the measure taken by FTX is a great gesture and this shows that the big names of the crypto sphere are all together in this and ready to fight off all the criminals. It should also be appreciative that Liquid quickly got over the massive loss and is already making plans to come up with strategies that can help them improve in future.
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