Bitcoin Settlement Network Liquid Halts Transactions After $320 Million Exploit
Liquid Network paused new transactions after roughly $320 million in bitcoin was drained from its federation wallet through a software bug.
AfroEuropa Newsroom
AfroEuropa desk
Liquid Network, a Bitcoin-based settlement layer used by cryptocurrency exchanges, stopped processing new transactions after about $320 million worth of bitcoin was removed from its federation wallet in a security exploit.
According to Liquid Network, roughly 4,000 of the 4,200 bitcoin held in the wallet were taken by individuals who described themselves as white-hat hackers. CoinDesk and Cointelegraph reported similar figures, with Cointelegraph noting that purported white hat hackers took 4,000 bitcoin from the Liquid sidechain.
The network was launched by Blockstream in 2018 and is overseen by a federation of more than 80 exchanges, infrastructure companies, and asset managers. Liquid said it was working to restore normal operations.
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