Liquid Network Hacked: $320 Million Worth of Cryptocurrency Stolen

Liquid Network, a Bitcoin-based payments and settlement network, was hacked on September 6, resulting in the withdrawal of approximately $320 million worth of cryptocurrency.

The hackers, described as 'purported white-hat hackers,' withdrew around 4,000 out of 4,200 BTC held in the Liquid Federation wallet using SideSwap, a settlement platform authorized to process withdrawals from the network.

Liquid Network stated that the key used in the process had not been compromised and halted new transactions as a precautionary measure. The network expressed regret for any inconvenience caused to its users.