L-BTC withdrawals to bitcoin remain suspended on Liquid Network since the September 6 hack, five weeks now. The current reserve covers only 85.8% of circulating tokens, leaving a deficit of about 603 BTC, or approximately 50 million dollars. A flaw in Elements software cache allowed the creation and redemption of 3,996 to 4,000 BTC without authorization; a self-described white-hat returned 3,400 BTC the next day. Liquid has set four conditions to reopen withdrawals: full coverage, updated Elements, completed audits, and new key management. Each circulating L-BTC is currently worth only about 0.86 BTC in reserve.
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