Liquid Network Hacked, $320M in BTC Stolen

A hack on the Liquid Network has resulted in around $320 million worth of Bitcoin being stolen from its federation wallet. The incident occurred when purported white-hat hackers accessed the network through SideSwap, a settlement platform authorized to process withdrawals.

Liquid Network said that about 4,000 Bitcoins were taken out of the 4,200 stored in the federation wallet. Despite stating that the key used in the withdrawal process was not compromised, the network has stopped accepting new transactions as a precautionary measure.

The incident is likely to have an impact on Liquid wallets, with the network apologizing for any inconvenience caused to users. The security breach highlights concerns over vulnerabilities in the cryptocurrency sector where large sums can be transferred quickly following successful attacks.