$320M Hack Hits Liquid Network: White-Hat Hackers Strike Again

A recent hack of the Liquid Network, a blockchain used by several crypto exchanges, has resulted in the theft of $320 million. The funds were withdrawn via SideSwap, a settlement platform authorized to handle transfers from the network, but the key was not compromised.

Liquid Network said that roughly 4,000 out of the 4,200 Bitcoin held in its Liquid Federation wallet were stolen. The perpetrators are described as 'purported white-hat hackers' who move funds after finding vulnerabilities with the intention of returning them, often for a fee.

The hack has halted all new transactions on the network and impacted Liquid wallets. Federation members are actively working to resolve the issue so that normal network activity can be restored.