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Crypto

$320 Million Lost as Liquid Network Hacked by White-Hat Hackers

Guavy AI Editorial Team
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BTC
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Liquid Network, a Bitcoin sidechain used by exchanges to settle transactions faster, has paused all operations after losing around $320 million in Bitcoin due to a software bug.

The incident occurred on Sunday, September 7, when actors claiming to be white-hat hackers withdrew about 4,000 of the 4,200 Bitcoin held in Liquid's federation wallet. This is approximately 95% of the total reserve.

The funds moved out through SideSwap, a legitimate trading platform on the network, making detection more challenging.

The hackers are communicating with Blockstream via on-chain Bitcoin messages and have stated that they will return the funds once the bug is patched. They have also sent encrypted technical details to help locate and fix the vulnerability.

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