Security· ★★★★· bearish·

Liquid Network exploit mints and cashes out 4,000 unbacked BTC in $320M haul

  • —About 4,000 unbacked L-BTC were minted and redeemed for real BTC
  • —Losses estimated at roughly $320 million at the time of the attack
  • —Root cause was a vulnerability in Elements, the Bitcoin sidechain platform
  • —Liquid is a Bitcoin sidechain built by Blockstream
Why it matters: The incident raises questions about the security of federated sidechains and trust in wrapped bitcoin on Liquid.
#BTC
Source: Coinotag
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