- Liquid Global has raised $ 120 million in debt financing from FTX.
- Funding comes a week after Liquid underwent a major cryptocurrency hack, resulting in $ 97 million in losses.
- Sam Bankman-Freed said FTX is “proud to announce” its expansion of its Liquid capital.
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Liquid has closed a $ 120 million leveraged funding round from FTX.
Liquid gets FTX help
Japanese cryptocurrency exchange Liquid Global has raised $ 120 million in debt financing from another FTX exchange, the exchange said on Thursday. Exchange did not disclose the specifics of the loan agreement.
Funding comes a week after Liquid underwent a major cryptocurrency hack. The loan will help cover Liquid’s recent losses, compensate users, and provide new capital for the exchange’s operations.
On August 19, an unknown hacker emptied the exchange wallet for more $ 97 million in various assets including BTC, ETH, XRP and TRX.
Yesterday Liquid said it would pay compensation to the victims of the hack and said it would “not affect users’ balances.”
All cryptocurrency deposits are currently suspended and on the trading platform warned users do not transfer cryptocurrency to their wallet address until further notice.
In addition to debt financing, the exchange showed that it is using “cooperation opportunities” with FTX…
In a news release, Liquid Group COO Seth Melamed said:
“With FTX, we see tremendous opportunities to drive innovation and change the future of finance through blockchain technology.”
Sam Bankman-Freed, CEO of FTX, said in a tweet that FTX is “proud to announce” its expansion to Liquid. He wrote:
“We are delighted with what Liquid is working on: a leader in international cryptocurrency compliance and one of the oldest exchanges in the ecosystem.
Liquid’s parent company, Quoine, was one of the first exchanges to be licensed and operated in Japan under the Payment Services Act. Despite being a fully regulated exchange, the trading platform has been the victim of two security attacks. Before the hack last week, the exchange came under attack in November 2020.
The team did not elaborate on their plans to improve the security infrastructure, despite having been hacked twice in the past year.
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