Japanese cryptocurrency substitution Liquid has secured $120 million in debt financing from FTX Trading later on suffering a nearly $100-1000000 hack terminal week.

Announcing the news Thursday, Liquid Group and FTX Trading — the owner and operator of crypto exchange FTX — said that the new funds will help Liquid improve its balance canvas and contribute to the exchange'due south licensing opportunities in the cardinal jurisdictions of Japan and Singapore. The new funding also targets new majuscule generation, increasing liquidity, too equally improving Liquid's customer support, the announcement notes.

FTX CEO and founder Sam Bankman-Fried said that the new financing underpins collaborative efforts of both exchanges to bulldoze crypto adoption and provide better service to the ecosystem. "This opportunity with Liquid allows both organizations to strengthen and reinforce the belief that regulation in crypto and knowing your customer is an of import office of the futurity of our industry," he stated.

The funding comes soon after Liquid suffered a major hacking incident concluding Thursday when the substitution's hot wallets were compromised. According to calculations past blockchain analytics house Elliptic, the Liquid hackers stole a full of $97 million in various cryptocurrencies, including Ether (ETH), XRP, stablecoins, Bitcoin (BTC) and other tokens.

In an incident update on Mon, Liquid reassured customers that "they will not endure any loss due to the incident," adding that user balances will be unaffected. "We keep to work diligently to gradually restore crypto deposit and withdrawal services," Liquid noted.

Related: Poly Network hacker returns $258M, conducts AMA on how information technology went down

Founded in 2022, Liquid is a major cryptocurrency exchange licensed under Japan's Payment Services Act through its Japanese operating entity, Quoine Corporation. Liquid's Singapore operating entity, Quoine Pte, has also practical to the Monetary Authority of Singapore for a license under Singapore's Payment Services Act.

Liquid'southward hack was the second major crypto heist that took identify this month, following a massive exploit of cross-chain protocol Poly Network on Aug. 10. Every bit of Monday, Poly Network regained control of $610 million in assets affected in the set on as the unknown hacker returned the stolen funds to the network.