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FTX bails out hacked Japanese exchange Liquid with $120 million loan

ftx-bails-out-hacked-japanese-exchange-liquid-with-$120-million-loan

Liquid Global has found a way out of its current dilemma after FTX offered it a loan of $120 million.

FTX grants Liquid Global $120 million

Recently hacked Japanese cryptocurrency exchange Liquid Global has received a loan of $120 million from FTX. The funds would provide much-needed capital requirements and ensure that Liquid Global resumes normal operations as soon as possible.

Liquid Global announced the cash injection in a blog post earlier today, stating that the exchange has entered a collaborative partnership with FTX. “Liquid Group Inc. (“Liquid”), a cryptocurrency-fiat exchange, and FTX Trading Ltd (“FTX”), owner and operator of FTX.COM, a cryptocurrency exchange, announced today the closing of a US$120,000,000 debt financing, and that they have entered good faith discussions in pursuit of further collaborative opportunities,” Liquid wrote.

The Japanese cryptocurrency exchange suffered an attack earlier this month, losing $90 million to the hackers. The $120 million would provide liquidity to the cryptocurrency exchange and ensure that operations continue smoothly.

FTX is expanding its presence in the cryptocurrency space

FTX has been one of the most active cryptocurrency exchanges in the world over the past year. The exchange was valued at $2 billion a year ago but recently hit a valuation of $18 billion, making it perhaps the exchange with the largest growth margin in the past 12 months.

The cryptocurrency exchange has been partnering with numerous sporting entities in a bid to boost awareness and capture new markets.

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