Liquid Network Hackers Return 85% of Stolen Funds
The Liquid Network was hit by hackers who drained around 4,000 BTC from its federation wallet over the weekend. The affected assets included Bitcoin (BTC), but other assets like Tether (USDT) and tokenized real-world assets remained untouched.
Purported white hat hackers returned approximately 3,400 BTC to Liquid Network on Monday, leaving about $47 million worth of BTC outstanding. This represents roughly 85% of the stolen funds, with around 598 BTC still missing.
Charles Guillemet, Chief Technology Officer at Ledger, has questioned whether the remaining coins can be honestly considered a bug bounty. He drew comparisons to previous high-profile hacks like the Ronin bridge theft and Euler.
Liquid Network remains paused as its operators work on security measures, unwind a chain split, and restore full backing for L-BTC. The network's operators have advised holders not to send any funds to Liquid peg-in addresses until a restart is confirmed.