Liquid Network Hit for $320M as 'Whitehats' Leave Mysterious Message
A massive transfer of $319 million in Bitcoin (BTC) occurred on Liquid's network on Sunday, leaving many to wonder if it was a heist or something else.
The sudden movement of nearly all the network's coins, 3,996 out of 4,200, raised suspicions about a security breach. However, the attackers left a message on the blockchain claiming they were 'whitehats' and requested to be contacted.
Liquid's unique setup allows federation members to burn tokens and withdraw funds, but in this case, it seems an unauthorized party used a new address to make the withdrawal.
The documentation for Liquid emphasizes the importance of the federation's control over the BTC held by the network. The fact that 15 companies hold the keys, with 11 needing to sign before coins can leave, suggests a high level of security.