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F-Secure comment on Liquid crypto hack

August 2021 by F-Secure

Following the news that Japanese cryptocurrency exchange Liquid has been hit by hackers, Antti Tuomi, Principal Security Consultant at F-Secure comments the following:

‘Cryptocurrency has gained a lot of interest in Japan among both tech-savvy individuals as well as people finding it a lucrative investment vessel. With the barrier of entry for a non-technical person to operate their own wallet securely, cloud-based service providers that allow you to trade currencies with an always-online platform and without incurring network transfer fees is a very compelling offering for customers as well. Unfortunately, the downside to being always-online is the fact that unauthorized access to the wallets may lead to incidents such as this.

Furthermore, from an attacker’s point of view, cryptocurrency exchanges are a very appealing target, since a successful breach can result in gaining a lot of capital from the users. This is further offset by the fact that compared to normal currency and banks, mechanisms for preventing fraud or tracing or stopping transactions are either not in place or not possible to implement at the same level.

Regardless of the exchange in question, online wallets will always be at a risk; at the same time, switching to true cold wallets that are not connected to the online system other than when authorized by the wallet owner, is very difficult to achieve with an online service without compromising on the "always-online" principle while relying on technology alone. Regardless of the cryptocurrency in question or the exchange or its geographical location, the risk with online systems and always-online wallets will always be present’.


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