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Following
BTC Blockstream refused to pay ransom to hackers and insisted on recovering the remaining funds.
Liquid Network recently experienced a serious cybersecurity incident. After thousands of bitcoins were extracted, Blockstream has now clearly rejected all extortion requests. The company said it aims to recover remaining funds without paying any financial incentives and plans to work with law enforcement, trading platforms and digital forensics experts. Currently, Liquid has resumed block production, but the Bitcoin transfer function is still suspended.
Summary of the incident
Blockstream firmly refused to pay ransom to hackers to retrieve funds held by Liquid. The attacker extracted approximately 4,000 bitcoins from the joint wallet. Subsequently, the hackers returned 3,400 bitcoins, leaving nearly 598 bitcoins unrecovered. Blockstream hopes to use the power of law enforcement agencies and experts to track the whereabouts of the remaining funds.
Blockstream rejects hackers 'ransom demands
Blockstream stated that it will not pay ransom to hackers to retrieve assets held by Liquid. The company characterized the unauthorized seizure of assets as theft and said it had communicated with the perpetrator to encourage him to return the assets, but firmly rejected his financial request.
According to information released by Samson Mow on the blockchain on Wednesday, hackers demanded a 10% premium from Liquid's funds, claiming that if rejected, Liquid holders would face a 15% loss. The request came after the attacker withdrew approximately 4,000 bitcoins from the joint wallet. Currently, most assets have returned to network control.
On September 6, Liquid suspended its operations after the attack. Hackers who called themselves "white hats" extracted approximately 4,000 bitcoins (worth nearly $320 million). Later, after announcing the repair of the affected bridge nodes, they returned 3,400 bitcoins. As of now, there are still about 598 bitcoins that have not been recovered.
The company is preparing to track the remaining funds
In this case, the company asked the hacker to return the bitcoins still held by it. Blockstream has announced that it will cooperate with law enforcement on the investigation, and trading platforms, service providers and digital forensics experts will also participate in asset tracing. The move aims to track the flow of funds and identify responsible parties.
Meanwhile, Liquid resumed block production following an emergency software update on Thursday. Currently, the network is generating empty blocks, while trading functions are still suspended. Bitcoin transfers to and from Liquid also remained interrupted. This recovery does not mean that the network has fully resumed normal operations.
The next steps will depend on the recovery of funds and the progress of asset tracking. Blockstream needs to coordinate all parties involved, while investigators are committed to tracking the whereabouts of the relevant BTC. This process will determine the future stages of Liquid. Currently, Blockstream maintains its non-payment stance and the network continues to operate under restricted conditions.
