Liquid Exchange was a victim of a nasty hack attempt in August, which left them short of $97 million in tokens. Several cryptos like BTC, ETH, and USDT, were stolen by the hackers. The team behind the exchange has announced that it intends to cover the loss that came with the hack, and assured its clients that they would not bear any loss from the incident. Once a proper audit has been made, withdrawal and deposit services would be available to users.
To mitigate their loss, Liquid was able to access a debt financing instrument from the popular exchange, FTX to the tune of $120 million. The money raised will be used to improve the functioning of the exchange, while they try to expand into other regions in the world. Parts of the funds raised will be used to improve the exchange’s liquidity level while ensuring that the needs of clients are met through a revamped customer service team.
According to the founder of FTX, Sam Bankman-Fried, in a tweet:
“We’ve admired what Liquid has been working towards: a leader in international cryptocurrency compliance, and one of the longest-running exchanges in the ecosystem. And we’re excited to find more ways to work with them.”
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