Liquid Network Faces Continued Challenges Post-Hack
- Hackers returned 3,400 BTC, but still hold onto approximately 598.50 BTC worth over $45 million.
- The Liquid Network‘s L-BTC peg-outs remain frozen despite assurances of a covered peg from Blockstream.
- Recent exploits have also impacted Symbiosis’s bitcoin bridge and Nomic’s nBTC, raising concerns about BTC-backed projects.
- Lightning Network capacity decreased from 3,850 BTC in August to the current 3,720 BTC.
The Liquid Network has resumed operations, but the inability to redeem L-BTC for Bitcoin continues to frustrate holders as hackers retain significant funds. The situation highlights vulnerabilities in BTC-backed token protocols and their reliance on trust and governance.
With ongoing security issues affecting multiple platforms, confidence in these projects is waning as stakeholders await solutions to restore functionality and trust. (Source)
