Bitcoin-based Liquid Network hacked, around $320 million in crypto withdrawn

Liquid Network, a Bitcoin-based payments and settlement network, said on September 7 that cryptocurrency worth approximately $320 million had been withdrawn from its federation wallet in a hack.

The network said in a post on X that “purported white-hat hackers” had withdrawn around 4,000 of the 4,200 bitcoin held in the Liquid Federation wallet.

“Liquid wallets will be impacted, and we're sorry for any inconvenience,” Liquid Network said, adding that it had suspended new transactions.

The funds were withdrawn through SideSwap, a settlement platform authorized to process withdrawals from the network. However, Liquid Network said the key used to carry out the process had not been compromised.

News.Az