FTX, the crypto exchange founded and led by billionaire Sam Bankman-Fried, will lend $120 million to Liquid Global, the Japanese crypto exchange that was hacked last week.
- Last week, Liquid Global saw more than $90 million stolen in the hack. At the time, the exchange said the attack targeted its multiparty computation (MPC) system of custody.
- The debt financing secured from FTX will be used for Liquid Global's capital position and to speed up capital generation projects, as well as provide liquidity, Liquid Global said in a press release.
- “The financing will also improve Liquid's balance sheet and, in turn, its key regulatory metrics, which further corroborates its ongoing licensing opportunities in the key jurisdictions of Japan and Singapore,” Liquid Global said.
- "This opportunity with Liquid allows both organizations to strengthen and reinforce the belief that regulation in crypto and knowing your customer is an important part of the future of our industry," Bankman-Fried said.
- Liquid Global's parent company, Quoine, was one of the first exchanges to receive a crypto asset operating license under Japan's Payment Services Act.
- Liquid's Singapore subsidiary, Quoine Pte, has applied to the Monetary Authority of Singapore (MAS) for a license under Singapore's Payment Services Act.