Liquid Bitcoin Redemptions Remain Frozen as Backing Stands at 86%
Liquid Network’s LBTC redemptions remain suspended 35 days after an exploit, with an external security audit underway despite the recovery of 3,400 BTC.
Liquid Network’s bitcoin backing stands at 86%, while conversions of its LBTC token into bitcoin remain suspended, according to Bitcoin.com News.
The freeze has continued for 35 days following an attack that exploited a vulnerability in Elements, the software underlying the network. Nearly 4,000 BTC was drained from the protocol.
About 3,400 BTC has since been recovered. An independent external security audit of Elements version 23.3.4 is underway, with redemptions still on hold.
Source: Bitcoin.com News
