Liquid Network Announces Final Stages of Recovery Following Massive Hack
By Mathew Di Salvo
AI summary of the source article
The Liquid Network has entered the final stages of recovery following an exploit where hackers stole 4,000 bitcoin worth about $320 million. Swaps have resumed as the network works to reestablish full 1:1 bitcoin backing.
Key facts
- Hackers exploited an inflation bug on the Liquid sidechain to create LBTC and cash out 4,000 bitcoin, worth about $320 million at the time.
- Blockstream negotiated the return of most funds, but the hackers retained approximately 600 bitcoins, or 15% of the stolen total.
- The final recovery phase involves reestablishing full 1:1 bitcoin backing and controlled reactivation of Federation peg-outs, with phased swaps operating again.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Liquid Network Announces Final Stages of Recovery Following Massive Hack One month after hackers pinched 4,000 bitcoins, the Liquid Network is up and running again. This post Liquid Network Announces Final Stages of Recovery Following Massive Hack first appeared on Bitcoin Magazine and is written by Mathew Di Salvo .