A couple of things stand out:
As usual, the issue is keeping excessive amounts in hot wallets without adequate protection. We're 10+ years into this blockchain thing and we still haven't grasped what being "your own bank" entails.
Saying that wallets were compromised sounds a bit disingenuous and sends the wrong message to a casual observer, implying that it's easy to just hack a wallet remotely and steal coins. Most likely their database was compromised. Or some shitty script that they used to move funds. Or someone's sticky note with a password. Or some other poorly designed and sloppily implemented single point of failure. It's extremely unlikely that multiple wallets were exploited.
Topic: ㅤ (Read 151 times)
Just because they don't scam six years before, that doesn't mean that doesn't scam now.
Yeah, perfect valid point, but if we embark on a witch hunt like this with who will we deal then? Binance hasn't scammed its users yet, it might scam you tomorrow, Coinbase hasn't run yet with user's funds, it might do tomorrow, so, how will we ever be able to deal with somebody if we go only by suspicion? The post I replied to classified this exchange as "unknown", so not to be trusted, now if apply the standard of unknown and untrustable to this, what's left?
It's true and you are right, if we start to suspect from the start anyone, then we are "nearly" doomed. The issue is that we can't do a lot of things and any exchange can claim anything and shut down. One thing that we can do is to have as little as we can to trade and nothing more.
The main thing is that once more people leave more than enough to an exchange and now they are at loss. 
Let's wait and see, normally they should be able to survive this and reimburse their clients, they claim to have managed to block 16 million worth of coins, it's down to 75$ million, compared to what they claim to be worth it shouldn't be a problem to pay back.
Other than that, yeah, it's not good to leave your coins on an exchange, but if everyone would be doing so, how would trading look like?
If they have a licence (which they have as far as I know) they will be under investigation and I'm sure that this will take some time to be completed. If the numbers are correct will show if and when they will reimburse their clients. Anyway, it's a time-consuming process and people must have patience. Maybe more than a lot.
I know first-hand what it means to lose your coins from a closure/ scam exit/ hack and that doesn't stop me from trading or having money in exchanges. Now though I prefer not to have more than I usually trade as volume or need to cash out. I can't figure out any other solution because as we said, this danger (shutting down) will always exist.
Such a big amount. Every now and then there is a hack happening. Just another reminder that it's not recommended to store coins in an exchange because any exchange could become a scam by just making stories that they are hacked. Swapping exchange while it's one of the greatest innovations we have today, also made hackers desire and motivated.
Jesus Christ, that is definitely a large amount.
However, it is probably harder to find an exchange that has never been hacked than an exchange that has been hacked these days.
Centralised exchanges will always have a single point of failure, which makes them very vulnerable to attacks in general. This is why you never keep more than pocket change on them - no matter how convenient/tempting it is to put more faith into one of these.
However, it is probably harder to find an exchange that has never been hacked than an exchange that has been hacked these days.
Centralised exchanges will always have a single point of failure, which makes them very vulnerable to attacks in general. This is why you never keep more than pocket change on them - no matter how convenient/tempting it is to put more faith into one of these.
Just because they don't scam six years before, that doesn't mean that doesn't scam now.
Yeah, perfect valid point, but if we embark on a witch hunt like this with who will we deal then? Binance hasn't scammed its users yet, it might scam you tomorrow, Coinbase hasn't run yet with user's funds, it might do tomorrow, so, how will we ever be able to deal with somebody if we go only by suspicion? The post I replied to classified this exchange as "unknown", so not to be trusted, now if apply the standard of unknown and untrustable to this, what's left?
The main thing is that once more people leave more than enough to an exchange and now they are at loss.
Let's wait and see, normally they should be able to survive this and reimburse their clients, they claim to have managed to block 16 million worth of coins, it's down to 75$ million, compared to what they claim to be worth it shouldn't be a problem to pay back.
Other than that, yeah, it's not good to leave your coins on an exchange, but if everyone would be doing so, how would trading look like?
Yeah your right since it seems that scam exchange use that exuse just to have reason to exit to their crime. I never use that exchange nor to the other unknown exchanger site so best to learn from this and we should not leave a huge amount of money in exchange to avoid crying once another exchange got hack again.
Liquid is the former Quoinex, it's one of the few exchanges that actually managed to get a license to operate from the Japanese FSA, this while Binance was packing their bags and running away. Scam exchange? No! They could have pulled an exit scam for 6 years yet they choose not to, it's not a scam but its still their fault for not securing their system.
I wonder how the FSA will react after this news, one of the mandatory conditions for operating there was round the year inspections of the security system to protect user's funds, this will not go well with the renewal of that license nor with their broker application.
Just because they don't scam six years before, that doesn't mean that doesn't scam now. I'm not supporting the idea that this might be a scam exit and not a hack but especially when they already know how "vulnerable" they are, they must have a safer system and be 200% more cautious. I don't think that their clients care about their renewal or their license...
The main thing is that once more people leave more than enough to an exchange and now they are at loss.
Yeah your right since it seems that scam exchange use that exuse just to have reason to exit to their crime. I never use that exchange nor to the other unknown exchanger site so best to learn from this and we should not leave a huge amount of money in exchange to avoid crying once another exchange got hack again.
Liquid is the former Quoinex, it's one of the few exchanges that actually managed to get a license to operate from the Japanese FSA, this while Binance was packing their bags and running away. Scam exchange? No! They could have pulled an exit scam for 6 years yet they choose not to, it's not a scam but its still their fault for not securing their system.
I wonder how the FSA will react after this news, one of the mandatory conditions for operating there was round the year inspections of the security system to protect user's funds, this will not go well with the renewal of that license nor with their broker application.
The amount that was stolen is huge compared to the assets that many platforms leave in hot wallets, as the ratio is 5% to 10% of the total assets that are traded or withdrawn daily, which gives us a number between 3 million to 20 million dollars per day, which means that the hack Much larger than that.
I hope that the matter will be resolved quickly, but it seems that part of the amount is in the form of stable coin, which may be frozen later, but many currencies are difficult to return again.
I hope that the matter will be resolved quickly, but it seems that part of the amount is in the form of stable coin, which may be frozen later, but many currencies are difficult to return again.
Yeah your right since it seems that scam exchange use that exuse just to have reason to exit to their crime.
I don't know; I took a look at their website, and they seem legitimate (though I really don't know what to believe based on what's written on an exchange's website). This is under their "About Us" section:Quote
Liquid has a global presence with offices in Japan, Singapore, and Vietnam.
If that's the case, then Liquid is no fly-by-night scam exchange. What I'm wondering now is how they're going to come out of this hack, i.e., if it's going to be the end of them or if they can recover from it like Binance did when they got hacked for a massive amount a year or two ago.
I also wonder how hackers are able to do this--assuming that's what really happened--and why they took only those particular coins (TRX, BTC, ETH, and some tokens). If you were a hacker who was able to get into an exchange's system, wouldn't you loot everything you could? Anyone know why the hackers only took the coins they did? I don't know anything about hacking, but it's fascinating to me in a morbid kind of way.
I never used this Liquid exchange but that is something you can expect to happen with all exchanges sooner or later, so don't keep coins on exchanges if you want to avoid losing them.
I see that etherscan explorer already tagged his address as Liquid Exchange Hacker 1, and stolen Bitcoin still not moving from his address.
Here is Elliptic blog post saying that total value is over $94 million, and hackers used uniswap and sushiswap for converting tokens to ethereum:
https://www.elliptic.co/blog/liquid-exchange-hacked-94-million-stolen
Yeah your right since it seems that scam exchange use that exuse just to have reason to exit to their crime. I never use that exchange nor to the other unknown exchanger site so best to learn from this and we should not leave a huge amount of money in exchange to avoid crying once another exchange got hack again. I see that etherscan explorer already tagged his address as Liquid Exchange Hacker 1, and stolen Bitcoin still not moving from his address.
Here is Elliptic blog post saying that total value is over $94 million, and hackers used uniswap and sushiswap for converting tokens to ethereum:
https://www.elliptic.co/blog/liquid-exchange-hacked-94-million-stolen
I never used this Liquid exchange but that is something you can expect to happen with all exchanges sooner or later, so don't keep coins on exchanges if you want to avoid losing them.
I see that etherscan explorer already tagged his address as Liquid Exchange Hacker 1, and stolen Bitcoin is still not moving from his address.
Here is Elliptic blog post saying that total value is over $94 million, and hackers used uniswap and sushiswap for converting tokens to ethereum:
https://www.elliptic.co/blog/liquid-exchange-hacked-94-million-stolen
I see that etherscan explorer already tagged his address as Liquid Exchange Hacker 1, and stolen Bitcoin is still not moving from his address.
Here is Elliptic blog post saying that total value is over $94 million, and hackers used uniswap and sushiswap for converting tokens to ethereum:
https://www.elliptic.co/blog/liquid-exchange-hacked-94-million-stolen
Jump to: