Liquid Network Halts Operations After Hackers Withdraw $320 Million in Bitcoin, Claim to Be 'White Hats'
Blockstream’s Liquid Network, a Bitcoin sidechain used by exchanges, has been paused after purported 'white-hat' hackers withdrew Liquid Network pauses after purported ‘white-hat’ hackers withdraw $320 million in bitcoin.
in bitcoin, according to The Block. Exchanges have suspended deposits and withdrawals of LBTC, the network’s wrapped bitcoin token, while Blockstream works to contact those responsible, The Block reported.
CoinDesk reported that the hackers behind the exploit claim to be the 'good guys,' framing the withdrawal as a security intervention rather than a theft.
According to Cointelegraph, the actors told Blockstream they would return most of the 4,000 BTC taken once a vulnerability in Elements — the codebase underlying the Liquid sidechain — is patched across the network. The figure of 4,000 BTC aligns with the $320 million total cited across reports.
The incident has forced a network-wide pause and a freeze on exchange activity involving LBTC as Blockstream and affected platforms assess the vulnerability and negotiate the return of funds. No timeline for resuming normal operations or completing the patch has been disclosed.
Sources: The Block, CoinDesk, Cointelegraph
This article is for information only and is not financial advice.
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