Approximately 4,200 BTC were moved from Liquid Network back to the Bitcoin mainchain on September 6, representing roughly $320 million at current prices. An OP_RETURN message identified the parties as white hats and invited further on-chain communication. Liquid Network, built by Blockstream, operates under an 11-of-15 multisig model with Peg-out Authorization Keys. Blockstream has not confirmed whether this was an unauthorized exploit, an authorized operation, or something else entirely. The remaining reserves of the sidechain now raise major questions about the security of this federated model.
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