🚨 Blockstream rejects $50M bounty demand from Liquid hacker
Blockstream has officially refused to pay a 600 BTC bounty, worth roughly $50 million, to the attacker who exploited the Liquid network on Sept. 6. The company stated it will not establish a precedent where developers are forced to pay demands that exceed their economic participation.
The attacker originally minted 4,000 unbacked L-BTC and withdrew 3,996 real BTC. After Blockstream patched the vulnerability, the hacker returned 3,400 BTC but demanded a 10% bounty to return the remaining 15% shortfall.
CEO Adam Back confirmed that Blockstream will instead pursue the remaining funds through law enforcement, exchanges, and forensic specialists. The company assured users that the L-BTC to BTC peg will ultimately be covered 1:1.
#Blockstream #LiquidNetwork #Bitcoin #CryptoHack
Blockstream has officially refused to pay a 600 BTC bounty, worth roughly $50 million, to the attacker who exploited the Liquid network on Sept. 6. The company stated it will not establish a precedent where developers are forced to pay demands that exceed their economic participation.
The attacker originally minted 4,000 unbacked L-BTC and withdrew 3,996 real BTC. After Blockstream patched the vulnerability, the hacker returned 3,400 BTC but demanded a 10% bounty to return the remaining 15% shortfall.
CEO Adam Back confirmed that Blockstream will instead pursue the remaining funds through law enforcement, exchanges, and forensic specialists. The company assured users that the L-BTC to BTC peg will ultimately be covered 1:1.
#Blockstream #LiquidNetwork #Bitcoin #CryptoHack