Bitcoin
Ledger CTO Questions Whitehat Explanation in $318M Liquid Network Peg-Out
Ledger's chief technology officer has cast doubt on claims that a roughly 4,000 BTC withdrawal from the Liquid Network was carried out by legitimate security researchers.
Liquid Network is investigating an incident in which roughly 3,996 BTC, valued at approximately $318.4 million, was transferred out of its federation-controlled reserves on September 6. The actors behind the transaction included an on-chain message stating they were whitehats and asking to be contacted through the Bitcoin blockchain.
Ledger CTO Charles Guillemet disputed this framing, arguing that authentic security researchers typically coordinate vulnerability disclosures before draining substantial collateral. Guillemet referenced past protocol incidents, such as the 2022 Ronin bridge breach and the 2023 Euler Finance exploit, where attackers engaged in post-exploit communications with developers.
The peg-out removed about 95% of Liquid's Bitcoin reserves while Bitcoin traded near $79,675. Liquid stated that the withdrawal utilized SideSwap's Peg-in Authorization Key, though the authorization keys remained secure. The network halted bridge activity, noting that the withdrawn funds remained largely concentrated rather than laundered, while remaining LBTC tokens stayed backed.
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