$320M BTC Withdrawn as Bitcoin Liquid Sidechain Pauses

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The actors told Blockstream they would return most of the 4,000 BTC after the Elements vulnerability is patched across the network.

Bitcoin sidechain Liquid paused operations after actors claiming to be white-hat hackers withdrew about 4,000 Bitcoin worth $320 million from its federation wallet.

On Sunday, Liquid said that bridge nodes were disabled, preventing new transactions, while exchanges had halted or were preparing to halt L-BTC deposits and withdrawals. Other assets issued on Liquid, including USDT, DePix and real-world assets, were unaffected, according to the network.

Blockstream, Liquid’s technology provider, contacted the actors through signed onchain messages. The actors said they would return most of the Bitcoin after the vulnerability was fixed and every node had installed the patch. At the time of writing, the funds had not been returned.

The withdrawal represented roughly 95% of the wallet’s approximately 4,200 BTC balance. Liquid uses Bitcoin held through its federation to back L-BTC issued on the sidechain, leaving most of the wallet’s BTC under the actors’ control until the funds are returned.

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