Liquid Network Hacked, $320M in BTC Stolen Through Authorized Withdrawal
Liquid Network, a Bitcoin-based payments and settlement network, has been hacked, resulting in the theft of around $320 million worth of Bitcoin. The funds were withdrawn from the federation wallet through SideSwap, a settlement platform authorized to process withdrawals.
The hackers used a key that was not compromised in the process, according to Liquid Network. The network described those involved as 'purported white-hat hackers', which is typically used to describe cybersecurity researchers who find or exploit vulnerabilities to help secure systems.
Liquid Network apologized for any inconvenience caused to users and stated that the incident would impact Liquid wallets. The network did not provide details on how the withdrawal was executed or who was responsible for it.