Symbiosis Recovers 15 BTC After Bitcoin Bridge Exploit

Symbiosis, a cross-chain liquidity protocol, has made significant progress in recovering funds after an attack on its Bitcoin Bridge on September 11. The attacker exploited the bridge to mint approximately 46.1 billion unbacked synthetic BTC tokens.

The hacker only managed to convert about $336,000 worth of wrapped BTC before Symbiosis halted its native Bitcoin Bridge. Fortunately, other routes remain operational, allowing bitcoin swaps to continue through Chainflip and THORChain.

Symbiosis is preparing a compensation plan for affected liquidity providers and offering a 20% bounty for further fund recovery. However, the total losses and timeline for reopening the native bridge have not been disclosed yet.