Don Tapscott about cryptocurrencies security: how hackers steal $ 97 million from a Japanese platform

After Poly Network, hackers attacked Liquid, a Japanese cryptocurrency exchange, and stole the equivalent of $ 97 million. The company claims to have detected unauthorized access to some of the cryptocurrency wallets.


We are sorry to announce that LiquidGlobal’s warm portfolios have been compromised, we are moving assets to the cold wallet, the company said on Twitter, adding that deposits and withdrawals were on hold.

The warm or hot digital wallets are directly connected to the Internet and designed to give users easier access to cryptocurrencies. Cold wallets are offline and more difficult to access by third parties (such as hackers). They are therefore generally more secure.

Liquid says it is tracking the movement of assets and working with other platforms to try to freeze and recover the funds. Last week, cryptocurrency exchange Poly Network said it was the victim of a $ 610 million attack, one of the largest hacks ever suffered by the industry. But the hacker behind the hack returned much of the loot.

The Elliptic analyst group, which specializes in the blockchain technology behind cryptocurrency, said the addresses that Liquid identified as belonging to hackers totaled more than $ 97 million.

Blockchain, the key to web security

Driven by Bitcoin, Blockchain technology has made a name for itself on the web in recent years. Don Tapscott, CEO of the eponymous group, and Carlos Moreira, CEO of Wisekey, explain the challenges and potential of this solution for securing many online transactions.

Security systems centralized via a benchmark intermediary can all be hacked: the scandals of the NSA or large industrial groups have proven this in recent months. Not even counting the theft of data or the risks weighing on users. To overcome these potential drifts, Blockchain technology has come to offer an alternative: thousands of computers constantly calculate very sophisticated encryption keys, able to discourage fraudsters and hackers.

For Don Tapscott, CEO of the Tapscott Group, and Carlos Moreira, CEO of the Swiss company Wisekey, the Blockchain provides a credible alternative in terms of the security of online transactions and operations, while eliminating the need for intermediaries. In a book co-written by the two entrepreneurs and published recently, they explain all the advantages of this security, the multiple possible applications and the development potentials allowed by this solution which has proven itself with the virtual currency Bitcoin.