Liquid Global (2021) — Crypto Hack
LaunderedJapanese crypto exchange Liquid had hot wallets compromised across four blockchains, with Lazarus Group attribution.
Summary
Japanese crypto exchange Liquid had hot wallets compromised across four blockchains, with Lazarus Group attribution.
How It Was Compromised — CEX via Private Key Compromise
Liquid Global's hot wallet infrastructure was breached across multiple blockchains simultaneously. The attackers moved swiftly across Ethereum, Bitcoin, XRP, and Tron holdings. Liquid suspended withdrawals and deposits. FTX provided $120M emergency loan post-hack. Blockchain analysis attributed the attack to North Korea's Lazarus Group.
Fund Flow & Laundering Analysis
ETH and ERC-20 tokens converted to ETH via Uniswap and deposited into Tornado Cash. Bitcoin routed through multiple mixing services. XRP portion tracked by Ripple and partially frozen on exchanges. North Korean Lazarus Group's characteristic rapid multi-chain drain-and-mix pattern confirmed by multiple analytics firms.