A hacker stole $340M in a crypto heist, then returned most of it
A 'white hat' hacker stole $340 million in cryptocurrency from the Liquid Network by exploiting a bug, then returned the majority of the funds after the company implemented a fix. The incident highlights ongoing security vulnerabilities in crypto settlement exchanges.
Why it matters
The heist underscores the extreme risks associated with decentralized finance and the critical importance of robust security protocols in crypto infrastructure.
A hacker stole thousands of bitcoins worth about $340 million in a heist at a settlement exchange used by several cryptocurrency exchanges, representing one of the largest known thefts of crypto this year.
Liquid Network, which launched in 2018 by crypto firm Blockstream, said in a post on X on Sunday that a “white hat” hacker stole the funds from the network’s wallet, and that it has paused operations until the incident is resolved.
It’s not yet known who the hacker is, but crypto media reports that the hacker allegedly exploited a bug to withdraw the funds. The hacker said they would return the funds if Blockstream fixed the bug .
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