Liquid Network Resumes Block Production After $320M Bitcoin Heist
The Liquid Network has resumed block production after a massive $320 million Bitcoin withdrawal.
On September 6, actors claiming to be white-hat hackers withdrew approximately 4,000 BTC from the network's federation wallet, which represented about 95% of its roughly 4,200 BTC balance.
The withdrawal involved L-BTC originating from a bug in Elements, the open-source software underpinning Liquid.
Blockstream confirmed that affected bridge nodes had been patched, and as a result, 3,400 BTC worth about $270 million at the time was returned to the network.
About 598 BTC, worth roughly $46 million at current prices, remained outstanding as of September 7. Transactions and peg operations on the Liquid Network remain suspended while recovery efforts continue.