By Alicia Maher
A top Asian cryptocurrency exchange, Liquid exchange, has announced a compromise on the warm wallets on its platform.
KuCoin Flags Hackers’ Addresses
After the announcement, KuCoin (another crypto exchange) blocked the attacker’s wallet addresses. The firm announced today that transactions are suspended for the time being while they move assets to cold storage.
Liquid Exchange Announcement. Source: Twitter
While liquid didn’t disclose the worth of what was stolen, it revealed that it would soon resolve the problem as it has identified the attackers’ addresses. Commenting on the incident, KuCoin CEO stated that “our exchange has flagged these hackers’ addresses immediately we became aware of this situation.”
This liquid global breach comes eight days after the largest decentralized finance (DeFi) heist in history (the breach on the Poly network). It also comes two days after the discovery of a huge loophole in Sushiswap’s security by an ethical hacker. The hacker, now known as Mr. White hat, moved about $612m worth of digital currencies from the poly network.
However, he has returned most of it with the network offering a $500K bug bounty and a job in its security team. Sushiswap would have also lost about $350m worth of digital assets if an ethical hacking company had not discovered the potential hack.
A Rise In Crypto-Related Hacks
There has been an alarming increase in the number of crypto-related hacks since the beginning of this year. There was a sharp decline in the demand for social cryptocurrencies in the first quarter of this year when the social token platform, Roll, revealed that it had been breached.
Within that period, three social tokens crashed when they lost almost $6m tokens to hackers. Also, the Karnataka police in India arrested a hacker and seized $1.24m worth of BTC from him. Research from various crypto analytic firms shows that most criminals now prefer to use privacy wallets to hide the digital assets they’ve stolen.
More Countries Are Plunging Into Crypto
New evidence by the global crypto adoption agency revealed that the adoption rate in developing countries has increased by over 2400% in the last two years and the 883% in the last 12 months. The research further showed that peer-to-peer crypto adoption rates are the highest among developing countries.
While institutional investment has been the key driver of the crypto adoption rate in developed nations, Vietnam tops the list of developing economies making forays into the cryptocurrency world. There is no denying that crypto adoption will keep rising for the foreseeable future.
Paris Hilton Explains NFTs To Jimmy Fallon
In an interview with Jimmy Fallon on the tonight show, celebrity socialite Paris Hilton took time to improve the knowledge of her host about non-fungible tokens (NFTs). Hilton told Fallon and his teeming viewers that NFTs are digital works that can be used to sell anything on the blockchain.
She cited the example of Beeple, which sold its music NFT for about $70m within a few weeks early this year. Hilton also revealed that she sold her three NFTs for $12m.