Liquid Network Recovers 3,400 BTC Following Elements Exploit and Unbacked LBTC Minting
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Liquid Network disclosed an Elements software exploit that enabled minting of unbacked LBTC and conversion into roughly 4,000 BTC via SideSwap's Pegout, temporarily collapsing Liquid's BTC reserves. While 3,400 BTC has reportedly been returned and no federation keys were compromised, the network remains suspended pending an emergency Elements release and security review. The incident elevates near-term operational and counterparty risk around Liquid-related flows.
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Bitcoin sidechain Liquid Network has recovered 3,400 BTC following a critical exploit on Sept. 6 that enabled the unauthorized minting of unbacked Liquid Bitcoin (LBTC), according to an incident report cited by Huoxing Finance. Attackers leveraged a flaw within the open-source Elements platform to mint roughly 4,000 uncollateralized LBTC, subsequently converting them into mainchain Bitcoin via SideSwap's peg-out bridge. The drain temporarily reduced Liquid's backing reserves from 4,205 BTC to 197 BTC, though protocol officials confirmed federation nodes and cryptographic private keys remained uncompromised. While 598.5 BTC remains outstanding, lead developer Blockstream has developed a software patch. Network operations remain paused while the federation completes audit reviews ahead of deploying the Elements v23.3.4 emergency security upgrade.
