Good News, Finally: Liquid Network Restores Its Bitcoin Reserves

As crypto asset market participants and users jump from one hack story to another, the Liquid Network, a Bitcoin sidechain that suffered a hack in September, has finally restored its bitcoin (BTC) reserves. Its LBTC token is now fully backed by bitcoin again. “250 BTC added, closing out the remaining shortfall,” Samson Mow, Blockstream’s former chief security officer, posted on X shortly before the team behind Liquid Network confirmed that its reserves were fully replenished on Nov. 2. This closes the 600 BTC ($46 million) shortfall in almost two months. The team did not specify who contributed the funds or when it would publish the post-mortem of the September hack. Participating swap providers had already restored BTC and LBTC swaps several weeks ago at a 1:1 rate.

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