Liquid Network at 86% Backing as Bitcoin Redemption Freeze Drags On

Liquid Network Freezes Redemptions for 35 Days

Liquid Network has reportedly frozen Bitcoin redemptions for a 35-day window after an attacker gained control of funds reported to be worth $49. 69 million in Bitcoin, according to unconfirmed reports circulating as of this writing.Read more...

Liquid Network halts Bitcoin redemptions with reserves at about 86% coverage

The halted redemptions highlight the critical need for robust security and full reserve backing in maintaining trust in sidechain models.

Liquid Bitcoin Redemptions Remain Frozen With 85.8% Reserve Coverage

The reserve gap is about 603 BTC. Liquid says peg-outs require full backing and completed security reviews before they can restart.... Read the full story at The Defiant

Liquid Network Keeps Bitcoin Redemptions Frozen 35 Days After Attack

The attacker still holds 598.5 Bitcoin worth about $49.69 million, while Liquid’s support level stands at 86%.

Liquid Network at 86% Backing as Bitcoin Redemption Freeze Drags On

It has been 35 days since an attacker exploited a vulnerability in the Liquid Network’s Elements software, draining nearly 4,000 BTC from the protocol, and although 3,400 BTC has since been recovered, redemptions of LBTC for actual bitcoin remain suspended as an independent external security audit of Elements v23.3.4 is underway. Liquid Network Peg-Outs Remain […]