Liquid Network Security Incident Assessment

Note to readers: The information contained in this report is current as of the date of publication and may be updated as the investigation continues. Technical claims are drawn from internal and external documentation, supporting source materials and on-chain analysis. We thank the Liquid Federation Board and functionary node operators for their close coordination throughout and the broader Bitcoin development community for its scrutiny and support.

1. Executive Summary 2. Liquid Architecture & Security Invariants 3. Vulnerability Analysis 4. Incident Timeline 5. Mitigations, Fixes & Recovery 6. Lessons & Corrective Actions 7. Acknowledgments