Blockstream is negotiating with the perpetrators of the Liquid network hack to recover approximately 598.5 BTC still missing, following the return of 3,400 BTC on Monday. The exploit leveraged a flaw in the underlying Elements software to create unbacked L-BTC tokens that were exchanged for reserve Bitcoin, totaling approximately $320 million. About 15% of the stolen funds, roughly $47 million, remain unrecovered. Blockstream is preparing an emergency update while Liquid’s reserves dropped from approximately 4,205 BTC to 197 BTC. Some experts, including Ledger’s CTO, remain skeptical about the actors’ white-hat designation.
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