Japanese cryptocurrency change Liquid has secured $120 million in debt financing from FTX Buying and selling after struggling an almost $100 million hack final week.

Announcing the information Thursday, Liquid Group and FTX Buying and selling — the proprietor and operator of crypto change FTX — stated that the brand new funds will assist Liquid enhance its stability sheet and contribute to the change’s licensing alternatives in the important thing jurisdictions of Japan and Singapore. The brand new funding additionally targets new capital technology, growing liquidity, in addition to enhancing Liquid’s buyer help, the announcement notes.

FTX CEO and founder Sam Bankman-Fried stated that the brand new financing underpins collaborative efforts of each exchanges to drive crypto adoption and supply higher service to the ecosystem. ”This chance with Liquid permits each organizations to strengthen and reinforce the idea that regulation in crypto and realizing your buyer is a vital a part of the way forward for our trade,” he acknowledged.

The funding comes quickly after Liquid suffered a major hacking incident final Thursday when the change’s heat wallets had been compromised. In keeping with calculations by blockchain analytics agency Elliptic, Liquid hackers stole a complete of $97 million in numerous cryptocurrencies together with Ether (ETH), XRP, stablecoins, Bitcoin (BTC), and different tokens.

In an incident replace on Monday, Liquid reassured clients that “they won’t undergo any loss as a result of incident,” including that consumer balances is not going to be affected. “We proceed to work diligently to progressively restore crypto deposit and withdrawal providers,” Liquid famous.

Associated: Poly Network hacker returns $258M, conducts AMA on how it went down

Based in 2014, Liquid is a serious cryptocurrency change licensed below Japan’s Fee Providers Act by means of its Japanese working entity, Quoine Company. Liquid’s Singapore working entity, Quoine Pte, has additionally utilized to the Financial Authority of Singapore for a license below Singapore’s Fee Providers Act.

Liquid’s hack was the second main crypto heist that happened this month, following an enormous exploit of cross-chain protocol Poly Network on Aug. 10. As of Aug. 23, Poly Community regained control of $610 million in belongings affected within the assault because the unknown hacker returned the stolen funds to the community.