September was a bloodbath for crypto security, with Bitget’s hot-wallet breach and a Liquid Network exploit driving roughly $766.5 million to $768.4 million in gross losses. Some funds were frozen or returned, but the month still exposed how brutally fragile wallets, vendors, and validation code can be.
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Liquid Network is nearing a restart for Bitcoin peg-outs after the Sept. 6 exploit, but withdrawals are still on ice while an audit of Elements v23.3.4 and PAK key changes continue. About 602 BTC remains unrecovered, and no restart date has been set.
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Rootstock co-founder Sergio Lerner says bridge systems need mandatory withdrawal delays after Liquid’s reported peg-out mess showed how fast a validation bug can turn into real BTC losses. His fix: let time, not blind instant settlement, be the first line of defense.
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Liquid Network suffered a consensus bug that let an attacker mint invalid L-BTC, drain most of the BTC reserve, and then bargain with Blockstream on-chain. Some funds were returned, but the exploit exposed a brutal verification failure, not a key theft.
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Blockstream has launched a beta swap service for moving value between Bitcoin, Lightning, and Liquid as Boltz pauses swaps after attacks and an EVM bug. The timing is brutal, but the takeaway is clear: noncustodial doesn’t mean bulletproof.
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