Last week Liquid, a cryptocurrency exchange in Japan, was hacked and as much a $97 million worth of assets was stolen.

The hack was revealed on Thursday when Liquid announced that assets had been moved out of wallets by an unauthorised party. The exchange says that as many as 69 different assets were stolen.

As a result of the hack, deposits and withdrawals from the service were suspended.

Since the hack, Liquid has been working with its security teams to assess the incident as well as respond.

“The team is continuing to conduct thorough security scans and tests over the next couple of days, and we expect to restore all services early next week,” Liquid wrote in an update at the weekend.

“We will also be working with the appropriate authorities and taking the necessary action required in this avenue,” it added.

The firm added that it had frozen some $17 million in tokens following the breach. Liquid has been tested and migrating assets to a new secure vault all weekend.

In it’s most recent update, Liquid shared nine additional addresses it had identified as being linked to the unauthorised party and said that it would continue to monitor the movement of funds with support from other exchanges and its partners.

That may not be all that easy if Elliptic – a crypto compliance company and crime prevention firm – happens to be right.

Elliptic says the funds stolen include $45 million in Ethereum which are being converted into Ether using decentralised exchanges.

“This enables the hacker to avoid having these assets frozen – as is possible with many Ethereum tokens,” writes Elliptic.

“This Ether is now being laundered through Tornado Cash, a smart-contract based mixer used to obscure the blockchain money trail. Close to $20 million of the stolen assets have been sent to Tornado,” adds the firm.

Unlike the recent Poly Network breach, we don’t think this incident will have a happy ending.