Evaluating only Liquid Global’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Contagion.
Key Events Timeline
FOUNDING
Quoine (later Liquid) founded in Tokyo by Mike Kayamori, one of Japan's first FSA-licensed crypto exchanges.
FUNDING
Raised $58M in funding; rebranded as Liquid Global targeting institutional clients across Asia.
FRAUD EXPOSURE
Hackers stole $97M in crypto via a compromised warm wallet; Liquid moved assets to cold storage and sought emergency funding from FTX.
SHUTDOWN
FTX's November 2022 collapse voided Liquid's $120M credit facility; Liquid filed civil rehabilitation under Japanese bankruptcy law.
Full Analysis
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Documented cause
Liquid Global, a regulated Japanese crypto exchange founded by Mike Kayamori, was hacked in August 2021 with attackers stealing approximately $97 million in cryptocurrency including Bitcoin, Ether, and various ERC-20 tokens. The hack compromised Liquid's warm wallets via a third-party breach. Already weakened, Liquid filed for civil rehabilitation under Japanese law in November 2022 after FTX's collapse eliminated a $120 million FTX credit facility that Liquid had relied upon.
Lesson
“Relying on a single institutional credit facility from a fellow crypto exchange creates catastrophic dependency risk.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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