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Liquid Network Restores Full Bitcoin Backing After $320 Million Exploit
(11 hours ago) · 1 source · Summarized by CryptoBipto
The Liquid Network, a Bitcoin sidechain, has reportedly restored full backing of its bitcoin IOUs following a $320 million exploit. The network's L-BTC tokens, which represent claims on actual bitcoin held in reserve, are now said to be fully collateralized again. The recovery process followed what was one of the larger exploits in Bitcoin sidechain history.
WHY IT MATTERS
Think of the Liquid Network like a coat check at a restaurant.
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SOURCES
- coindesk.com
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BTCLiquid NetworkBitcoin SidechainExploit RecoveryL-BTC BackingFederated Sidechains