{"id":560736,"date":"2026-09-07T09:55:13","date_gmt":"2026-09-07T08:55:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=560736"},"modified":"2026-09-07T09:22:26","modified_gmt":"2026-09-07T08:22:26","slug":"a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw\/","title":{"rendered":"A whitehat hacker is holding $320 million in drained Bitcoin until developers prove they patched a fatal network flaw"},"content":{"rendered":"

Liquid Network<\/a> was effectively halted after nearly $320 million in Bitcoin left its federation reserve through an abnormal peg-out.<\/p>\n

The incident began Sept. 6 when a customer submitted 4,000 L-BTC to SideSwap\u2019s peg-out service, which converts Bitcoin represented on Liquid back into BTC on the main network.<\/p>\n

SideSwap said<\/a> the request passed the normal authorization process and prompted the Liquid Federation to release about 3,996 BTC. The Bitcoin later moved to an address that held roughly 3,998.5 BTC at the latest check.<\/p>\n

Liquid disabled<\/a> its bridge nodes after the withdrawal, while SideSwap suspended swaps, peg-ins, and peg-outs. Exchanges also paused or prepared to pause L-BTC deposits and withdrawals as operators investigated the incident.<\/p>\n

The actors controlling the Bitcoin subsequently identified themselves through on-chain messages as \u201cwhitehats\u201d and said they intended to return most of the funds once the underlying bug had been fixed across the network.<\/p>\n\n

\n \n
\n Related Reading<\/span>\n

Blockstream enables smart contract programmability on Bitcoin via Simplicity on Liquid Network<\/h3>\n <\/div>\n \n <\/i>\n <\/span>\n <\/a>\n<\/div>\n\n

That prospect could limit the eventual financial loss. However, it does not resolve the more important question of how almost 4,000 BTC left the federation without an apparent key compromise.<\/p>\n

The withdrawal appears to have followed the rules<\/h2>\n

Liquid and SideSwap say the incident did not involve stolen signing credentials.<\/p>\n

The withdrawal used SideSwap\u2019s valid Peg-out Authorization Key, or PAK, and Liquid said neither that key nor other federation keys were compromised.<\/p>\n

Instead, SideSwap said Blockstream traced the 4,000 L-BTC presented for redemption to a flaw in Elements, the software underlying Liquid.<\/p>\n

If that explanation is confirmed, the problem occurred before the Bitcoin transaction was signed.<\/p>\n

Liquid is designed to maintain one BTC in its federation reserve for every L-BTC in circulation. During a normal peg-out, L-BTC is burned, and an equivalent amount of Bitcoin is released.<\/p>\n

\"Timeline<\/a><\/p>\n

In this case, SideSwap says a software bug created L-BTC without corresponding Bitcoin backing. Those tokens nevertheless entered a valid peg-out process, after which federation functionaries treated the withdrawal as legitimate and released real BTC.<\/p>\n

Blockchain security firm Bitslab said<\/a> at least 11 of Liquid\u2019s 15 functionaries ultimately signed the transaction.<\/p>\n

That points to a different type of failure from a conventional bridge exploit. Secure keys provide limited protection if every signer is presented with the same invalid state and accepts it as legitimate.<\/p>\n

No independent technical postmortem or detailed patch description was public at the latest check, leaving the precise cause attributed to Liquid and SideSwap.<\/p>\n

Whitehats want the bug fixed before returning Bitcoin<\/h2>\n

Meanwhile, the actors holding the funds have been communicating with Blockstream through Bitcoin transactions carrying OP_RETURN messages<\/a>.<\/p>\n

Galaxy Digital research head Alex Thorn said<\/a> Blockstream first sent a message asking the holder to contact its security team. The holder later responded that it planned to send \u201cmost\u201d of the Bitcoin back to the federation.<\/p>\n

\"Liquid
Liquid Network White-Hat Hackers On-Chain Messages With Blockstream (Source: Galaxy Digital)<\/figcaption><\/figure>\n

A subsequent message added a condition that Blockstream<\/a> should fix the bug first and ensure every node is patched before returning the funds.<\/p>\n

That puts Liquid\u2019s next steps beyond simply recovering the Bitcoin.<\/p>\n

The federation must identify and remediate the Elements flaw, distribute the fix across affected nodes, and establish that another batch of invalid L-BTC cannot pass through the same authorization process.<\/p>\n

It must also reconcile the reserve.<\/p>\n

The allegedly bug-created L-BTC was burned during the peg-out, but about 3,996 real BTC still left Liquid\u2019s federation wallet. Until those funds return or the accounting is otherwise restored, the network still has to demonstrate that legitimate outstanding L-BTC remains backed one-for-one.<\/p>\n

Liquid\u2019s bridge nodes remain disabled while that work continues.<\/p>\n

While the incident may ultimately end with most of the Bitcoin<\/a> recovered, the harder task is proving that the system which authorized its release cannot make the same mistake twice.<\/p>\n","protected":false},"excerpt":{"rendered":"

SideSwap says bug-created L-BTC passed a valid authorization as bridge nodes paused and reserve reconciliation became the restart test.<\/p>\n","protected":false},"author":720,"featured_media":560746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,16041,37],"tags":[81073,82380,76769],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nA whitehat hacker is holding $320 million in drained Bitcoin until developers prove they patched a fatal network flaw<\/title>\n<meta name=\"description\" content=\"Liquid network says its signing credentials remained secure even as invalid L-BTC was redeemed for real Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A whitehat hacker is holding $320 million in drained Bitcoin until developers prove they patched a fatal network flaw\" \/>\n<meta property=\"og:description\" content=\"Liquid network says its signing credentials remained secure even as invalid L-BTC was redeemed for real Bitcoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-07T08:55:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-07T08:22:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/liquid-bridge-pause.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/a-whitehat-hacker-is-holding-320-million-in-drained-bitcoin-until-developers-prove-they-patched-a-fatal-network-flaw\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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