Liquid Network Hacker Still Holds 598.5 Bitcoins, L-BTC Redemption Paused for 11 Days

The attacker of the Liquid Network returned 3,400 bitcoins on September 6 after a vulnerability exploit, accounting for about 85% of the transferred assets; they still hold 598.5 bitcoins, worth over $45 million. Blockstream, the digital asset infrastructure company responsible for maintaining the Liquid Network, has refused to pay a ransom for the remaining assets and is demanding the return of the related bitcoins. The network shows that there are 4,234.76 L-BTC in circulation, with only 3,632.23 bitcoins in reserve. The function to redeem L-BTC for bitcoins has not yet been restored, and Sideswap has stated that redemption is currently not possible; Blockstream founder Adam Back has indicated that L-BTC will receive a 1:1 ratio of bitcoin reserve coverage and has warned holders not to sell L-BTC at a discount in the over-the-counter market. To date, Blockstream has not released any further information.

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