Liquid Network Hacked for $320 Million

A recent hack on Liquid Network has drained $320 million from the crypto network. Roughly 4,000 of the 4,200 Bitcoin held in a wallet used by Liquid Network were taken.

Liquid Network, which is used by several cryptocurrency exchanges for quick settlement, halted all new transactions after the breach. The platform operator said that the perpetrators appear to be 'white-hat hackers' who exploit security flaws and typically return the funds, sometimes in exchange for a fee.

Alex Thorn, head of research at crypto firm Galaxy Digital Inc., said that the hackers had returned 3,400 Bitcoin, keeping some $47 million worth for themselves. This hack is the latest in a string of recent attacks that have put crypto cybersecurity in the spotlight.