✉news BusinessCrypto first seen 1 h ago, last 18 min ago, peak #9
Liquid Network restores full bitcoin backing after $320 million exploit
Original: Liquid Network restores full bitcoin backing following $320 million exploit
Liquid Network says it has restored full bitcoin backing following a $320 million exploit. The attack drained reserves pegged to bitcoin, prompting the sidechain operator to work on replenishing collateral so every L-BTC token is once again fully backed one-to-one. The incident ranks among the larger exploits in bitcoin-adjacent infrastructure and has drawn attention to the security of federated sidechains and the transparency of their reserve attestations.
Why now: A major exploit against a bitcoin sidechain and the subsequent restoration of backing are significant news for crypto holders and exchanges relying on Liquid.
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