Liquid, a Japanese cryptocurrency exchange, announced on Thursday that it had been the victim of a cyberattack in which hackers stole $97 million worth of digital coins.
Some of Liquid's digital currency wallets had been "compromised," and hackers were transferring assets to four different wallets, according to the company.
“We are currently investigating and will provide regular updates,” Liquid tweeted. “In the meantime deposits and withdrawals will be suspended.”
According to Elliptic, a blockchain analytics company, the hackers got their hands on about $97 million in cryptocurrencies.
Elliptic says, $45 million in tokens were converted to ethereum through decentralized exchanges like Uniswap and SushiSwap, which are blockchain-based platforms that do not require intermediaries.
In a blog post, Elliptic explained that this allows the hacker to avoid having these assets frozen, which is possible with many Ethereum tokens.
According to CoinMarketCap data, Liquid is among the top 20 crypto exchanges in the world by daily trading volumes, having processed more than $133 million in the last 24 hours.
It's the second major cryptocurrency heist in less than a week. On Aug. 10, hackers broke into Poly Network, a so-called decentralized finance firm, and stole more than $600 million in digital tokens.