Crypto Exchange Liquid hacked, the security of users data at stake

Crypto exchange Liquid was hacked. The hacker stole the personal information of users which includes names, email, and encrypted passwords.

By · Nov 19, 2020 . 5min read

Crypto Exchange Liquid hacked latest news

Crypto exchange Liquid confirmed today that it was hacked on 13 November. Singapore-based cryptocurrency exchange Liquid, the 16th most extensive exchange in the world, has been hacked. The hackers stole consumer data, which includes the name, email, and encrypted passwords of the users.

The hack was not an immediate attack on the company’s foundation. Instead, it included a domain name hosting provider that operates one of the company’s domain names inaccurately giving control of the account and domain to the hacker. Moreover, those behind the attack modified domain name server records and gained control of some of the company’s email accounts. The hacker also partly negotiated Liquid’s infrastructure and gained entrance to storage.

Liquid did not lose consumer funds during the hack.

Liquid closed access and took an effort to stop additional interventions. It helped in decreasing the risk to consumer accounts and assets upon detection of the hack. Nevertheless, those behind the attack did not succeed in stealing the funds from Liquid users.

In an official announcement, the CEO of Liquid, Mike Kayamori, greeted the consumers and notified them about the ongoing situation relating to the attack. Kayamori described that there is an uncertainty of identity theft. Moreover, he stated that users might encounter spam emails and phishing attempts. He stated that consumer funds are safe, and there was no harm to the cold-storage crypto wallets.

Kayamori said the firm is uncertain whether the hacker also accessed ID photos, selfies, and proof of addresses used for identity checks. Moreover, the documents involve the ones that users submitted for verifying their identity with the exchange. Liquid accepts credit card and bank statements as proof of address. This could place users at a heightened risk of identity theft. They may also be the next target for attacks. Liquid told users in an email that they should modify their passwords to be secure.

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