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Liquid Discloses Details of ~4,000 BTC Vulnerability Incident, Reserves Hit Low of 197 BTC

OdailyOdaily

Odaily News: According to Bitcoin News, Liquid Federation released an incident report stating that an attacker exploited a vulnerability in Elements' range proof verification cache to mint approximately 4,000 unbacked L-BTC, which were then exchanged for real BTC via the authorized exit peg path on SideSwap. Liquid's functionaries treated the transactions as valid and released approximately 4,000 BTC from the federation reserves. Before the incident, Liquid held about 4,205 BTC, and reserves dropped to a low of 197 BTC before operations were suspended. The attacker, claiming to be a white hat, has since returned 3,400 BTC, leaving approximately 598.5 BTC unrecovered. No private keys were compromised, and the exit peg mechanism itself functioned as designed. Liquid remains offline, and Blockstream is preparing to release an emergency version of Elements v23.3.4 and working to restore the network backed by a 1:1 bitcoin reserve.

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