Merkle Science analyzed the August 2021 Liquid Global breach, where Liquid reported that warm-wallet compromise enabled an unauthorized party to move about $91.35 million in crypto assets. The report says 69 different assets were misappropriated and sent to exchanges or DeFi swapping venues, while ERC-20 assets worth about $16.13 million were frozen with help from the crypto community and exchanges. Liquid identified attacker-controlled BTC, ETH/ERC-20, TRX, and XRP addresses, and Merkle Science traced subsequent BTC and ERC-20 movements from those wallets. The source frames the incident as a warm-wallet/private-key security failure and notes criticism that Liquid did not notify users quickly and had previously claimed full cold-wallet storage.