Liquid Global, a Japanese crypto exchange platform, became the target of hackers on Thursday, resulting in the theft of $94 million.
In a Tweeter post, Liquid Global claimed that its warm wallets had been compromised and that they were moving assets to cold wallet.
Cold wallets are usually offline, more secure, and hard to access, while warm and hot wallets are based online and are designed to allow users to access their cryptocurrencies with ease.
Liquid further added that they were coordinating with other exchanges to freeze and recover the funds.
Liquid Global is the latest crypto exchange platform to become the target of hackers. Last week, Poly Network was at the center of a $610 million crypto theft. Later, the decentralized finance announced that the hackers had returned all the loot.
Elliptic, a London-based blockchain analysis firm, is helping Liquid track the stolen funds. Hackers are believed to be possibly converting the tokens to ether cryptocurrency via decentralized peer to peer exchanges, Liquid Global was founded in 2014 and servers millions of customers across the globe.