Liquid Network suspended operations on Sept. 6 after actors claiming to be white-hat hackers withdrew about 4,000 BTC, worth roughly $320 million, from the network’s federation wallet. This withdrawal represented about 95% of the wallet’s roughly 4,200 BTC balance and involved L-BTC originating from a bug in Elements, the open-source software underpinning Liquid. The actors subsequently returned 3,400 BTC, worth about $270 million at the time, after Blockstream confirmed that affected bridge nodes had been patched. About 598 BTC, worth roughly $46 million at current prices, remained outstanding as of Sept. 7.
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