Liquid Network Resumes Block Production Following 3,400 BTC Recovery, but Transfers and Bridging Remain Suspended
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Liquid has resumed block production but still is not processing transactions, leaving BTC–Liquid bridging, withdrawals, and LBTC redemptions paused. The halt followed an Elements range-proof validation flaw that enabled uncollateralized LBTC to be redeemed for ~3,996 BTC, draining federation reserves; ~3,400 BTC was returned but ~598.5 BTC remains outstanding. Continued suspension elevates counterparty and settlement risk for BTC sidechain users and related liquidity venues.
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Bitcoin sidechain Liquid Network has resumed empty block generation following an emergency shutdown triggered by an unauthorized 3,996 BTC withdrawal valued at roughly $320 million, according to reports compiled by CoinMarketCap. The protocol's function nodes completed the Elements v23.3.4 emergency security patch, resolving a critical range-proof verification caching vulnerability that permitted attackers to mint unbacked Liquid Bitcoin (LBTC) through SideSwap. While consensus signing has resumed, standard user transfers, PAK-authorized redemptions, and the two-way Bitcoin peg-in and peg-out bridge remain paused while engineers validate state consistency. Lead developer Blockstream confirmed that 3,400 BTC (approximately $270 million) has been recovered via on-chain communications, though 598.5 BTC remains outstanding amid public skepticism from Ledger CTO Charles Guillemet over whether the retention constitutes an authorized vulnerability bounty.
