Japanese cryptocurrency exchange Liquid believes that the hacker, who stole approximately up to $90 million in various cryptocurrencies, attacked its multiparty computation (MPC) system of custody.
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The company said in a blog announcement that the MPC wallet (used for warehousing and delivery management of cryptocurrencies) used by its Singapore subsidiary Quoine Pte was the main aim for the hacker. The exchange later said it re-built its MPC infrastructure "to ensure maximum security."
"The team is continuing to conduct thorough security scans and tests over the next couple of days, and we expect to restore all services early next week," the blog announcement reads.
Liquid has already frozen ~$17.4 million in ERC-20 tokens. However, the hacker still succeeded to launder a part of the stolen funds. According to Elliptic, the bad actor has already laundered ~$10 million of stolen ETH through Tornado Cash, a smart contract-based mixer.
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