Crypto
Liquid Network Halted After White-Hat Hackers Withdraw $320 Million in BTC
Liquid Network, a Bitcoin sidechain, has paused operations after white-hat hackers withdrew approximately 4,000 BTC, worth around $320 million, from its federation wallet.
The hackers used the SideSwap PAK, or Peg-Out Authorization Key, to withdraw the funds. The network stated it was not compromised but did not disclose the vulnerability that allowed the withdrawal.
The Liquid Network released a statement on X confirming the incident and working with Blockstream, its technology partner, to contact the hackers through an on-chain signed message.