Liquid Global
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 0 → 45. Problems weighed by who is responsible: incidents the subject suffered −20, the subject's own conduct −15, concerns that are not fraud −3.2, problems around the subject, caused by others −1.8; legitimacy credit long-running +10; the penalty for incidents it suffered is capped at 20; fact-check adjustments (−10) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -15 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -1.8 |
| Long-running | +10 |
| Sum | 35 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 45/100 (kept between 0 and 100)
How scoring works →Summary
Liquid Global (operating under its parent entity Quoine Pte. Ltd.) was a Japanese-headquartered cryptocurrency exchange founded in 2014 and rebranded from QUOINE to Liquid in 2018. In August 2021, the exchange suffered one of the largest exchange hacks of that year — approximately $97 million in Bitcoin, Ethereum, XRP, TRON, and other tokens stolen — with the attack subsequently attributed by Chainalysis to actors working on behalf of the DPRK, consistent with Lazarus Group tradecraft. FTX provided a $120 million emergency loan days after the breach, then acquired Liquid outright in April 2022; when FTX itself filed for Chapter 11 bankruptcy in November 2022, Liquid halted all withdrawals and customer funds were caught in the subsequent restructuring proceedings.
Connected Entities
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- + 14 more
Timeline(15 events)
2014
Quoine Pte. Ltd. co-founded by Mike Kayamori and Mario Gomez Lozada in Singapore; initially operates Japanese and Vietnamese crypto exchange.
CoinTelegraphAugust 2017
QUOINE becomes the first global crypto fintech company to receive a license from Japan's Financial Services Agency (JFSA).
PR Newswire2018
QUOINE rebrands the exchange platform to Liquid, launching it as a global crypto-fiat exchange targeting institutional and retail users.
CoinDesk2020
Liquid suffers a DNS hijack attack, the first significant security incident for the exchange.
TRM Labs18 August 2021
Hackers gain unauthorized access to Liquid's MPC warm wallets operated by Quoine Pte. Ltd. and begin draining funds across Bitcoin, Ethereum, TRON, and XRP blockchains.
TRM Labs19 August 2021
Liquid publicly announces the hack. Total theft confirmed at approximately $97 million. Liquid suspends deposits and withdrawals. Community coordination freezes an estimated $16 million in Ethereum tokens.
CNBC25 August 2021
Liquid Global announces a $120 million debt financing facility from FTX to stabilize its capital position following the hack.
CoinDeskOctober 2021
Quoine Corporation receives a Type I Financial Instruments Business license from Japan's FSA, permitting cryptocurrency derivatives trading.
CoinTelegraph14 January 2022
Chainalysis publishes its 2022 Crypto Crime Report, attributing the Liquid hack to DPRK-linked actors and documenting the $91M laundering trail through DEXs, Tornado Cash, and Asian fiat exchanges.
Chainalysis2 February 2022
FTX announces the acquisition of Liquid Group for an undisclosed amount, citing Japan market expansion and access to Quoine's FSA license.
CoinDesk4 April 2022
FTX closes the acquisition of Liquid Group, a few days after the originally scheduled closing date.
CoinDesk11 November 2022
FTX Trading Ltd. and 134 affiliates including Quoine Pte. Ltd. file for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
Wikipedia / Kroll15 November 2022
Liquid Global announces the suspension of all fiat and cryptocurrency withdrawals, citing FTX's Chapter 11 filing. QASH token falls over 25%.
CoinDesk29 September 2023
Deadline for Liquid/Quoine customers to submit claims through the FTX restructuring claims portal administered by Kroll.
Liquid Help CenterDecision Log
- slot 455928923 · hash BQMAMaLzwLTRw2zGVQNNRtG2J8h4hvvKMVWypDuNgA8F
- slot 455358445 · hash 4ceLm1Vw2g2QLqHkRWg6Gkt61TgTjb6xdRfe674forNi
- slot 443514490 · hash 5j8Gq187mh4UZTKpcd7vwfUsLqd2Qu7m69emEtvFRv8Q
- slot 443514486 · hash 8DMbEiB9QXtDYu89FiYiH4XErbPgPyNjGgPnTg6mqf5o
- slot 423161189 · hash 2jrHE5Gyy8GGTHjPmZvPLnSJtVNaRsSrzcB1CUD9QPzu
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-5
generated: 5/30/2026, 12:59:52 PM
last updated: 10/10/2026, 6:40:12 PM
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