Bitcoin
Liquid Network Sees 4,000 BTC Peg-Out Accompanied by On-Chain Message
Around 3,996 Bitcoin were withdrawn from the Liquid Network on Sunday, with the initiating address leaving an on-chain note claiming whitehat status.
A withdrawal of 3,996 BTC, worth roughly $319 million to $320 million, was executed from the Liquid Network federation reserves on Sunday. The transfer cleared at 14:06 UTC to a previously unused address, representing roughly 95% of the total reserves held on the network. Four hours later, the party transferred a fractional sum alongside an OP_RETURN message stating they were whitehats and requesting on-chain communication.
Following the withdrawal, the sender returned 0.00001 BTC to Liquid's address while the remaining 3,998.49 BTC remained stationary. Liquid Network and its developer Blockstream acknowledged the incident, stating that efforts are underway to establish contact via signed on-chain messages.
Because Liquid's peg mechanics require the burning of internal L-BTC tokens before reserve coins can be released, the outstanding token supply shrank alongside the underlying collateral, leaving remaining L-BTC fully backed with roughly 0.22 BTC to spare. The process normally relies on multi-signature authorization requiring 11 of 15 federation member signatures to execute reserve redemptions.
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