Hacking News
Liquid Network Suspends Bitcoin Redemptions
Liquid Network has suspended Bitcoin redemptions due to a security breach that drained nearly 4,000 BTC. The attack left the network with only 85.8% reserves, resulting in an estimated 600 BTC shortfall. Security reviews are still incomplete, and redemptions remain frozen for 35 days. The attacker still holds 598.5 BTC worth approximately $49.69 million. This suspension affects the Liquid network's ability to return funds to users who have redeemed Bitcoin, highlighting the ongoing security risks in the cryptocurrency ecosystem.