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Before the attack was contained and the actor successfully interrupted, their document storage had already been accessed. Unfortunately, the actor compromised the infrastructure in the well-calculated attack and executed his mission.
Liquid Exchange has revealed that their platform was recently hit by a data breach as threat actors probably got access to the personal information of users. This has put them among the many other exchanges that fell for the deceptive approaches of malicious actors.
According to the CEO of the exchange, Mike Kayamori, they have identified the attack and taken the necessary action to mitigate the damage with the users of the platform strongly advised to change their passwords and security questions if necessary. However, the obtained information may put the affected users at risk of identity theft and targeted phishing campaigns.
The Inside Story of the Liquid Exchange Breach
An investigation conducted by Liquid Exchange revealed that the malicious actors got access to the domain and the control of the account, after their domain name hosting provider in charge of one of their main domains mistakenly transferred them to the wrong destination controlled by the actors. From here, the threat actors were able to modify the DNS records and have access to the internal email addresses kept by the site.
Before the attack was contained and the actor successfully interrupted, their document storage had already been accessed. Unfortunately, the actor compromised the infrastructure in the well-calculated attack and executed his mission.
It is not yet known whether the attacker accessed the personal documents of users such as proof of address, selfies, and IDs submitted for KYC as the investigation is ongoing. However, the user database was certainly accessed which means the personal information of customers is not safe. Some of these data include encrypted passwords, names, and addresses. These data can either be sold on the dark web or personally launch a targeted phishing campaign which is very difficult to filter.
Liquid Exchange believes that their accounts may not be in immediate danger because of their strong password encryption. However, they advise users to consider changing their 2FA and other security credentials as soon as possible.
Currently, Liquid Exchange has done a comprehensive review of the infrastructure and taken charge of the control. From the review, it can be said that the customers’ funds were not accessed by the malicious actors as the MPC-based and cold crypto storage wallets according to the statement was not tampered with in any way. This means customers’ funds are safe and secured.
The required step of informing the relevant regulatory bodies about the incident has been done already with issues to be open for discussion. Liquid Exchange has said that they will contact their partners to upgrade their security to put users’ information safe.
Cryptocurrency exchanges have become primary targets of threat actors following the recent surge of the Bitcoin price. Recently, KuCoin exchange was breached with threat actors emptying its hot wallet and fleeing with about $150 million worth of cryptocurrencies.
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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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