Liquid Network exploit creates $320 million in unbacked bitcoin
Attackers exploited a software bug in Blockstream's Liquid Network, a Bitcoin sidechain, creating about 4,000 unbacked Liquid Bitcoin (L-BTC) and withdrawing $320 million. The attackers identified themselves as white hat hackers and have returned most funds, retaining around $47 million. According to Blockstream, the incident did not involve compromised multisig keys but was caused by a vulnerability in recent node software.
- Hackers drained about 4,000 L-BTC from Liquid Network
- $320 million was created and withdrawn via unbacked assets
- Attackers returned 3,400 BTC, keeping $47 million
- Bug stemmed from a recent software update
- No multisig key compromise was reported
Sources covering this
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