 |
Today at 07:26:24 AM |
|
I believe that at this point, the Bitcoin hack is no longer news. In case you live under a rock, a Bitcoin-linked blockchain (Liquid network) used by several crypto exchanges has been hacked for $320 million, which is the latest in a string of thefts shaking confidence in digital-asset security.
As a result of this hack, roughly 4,000 of the 4,200 Bitcoin held in the network’s Liquid Federation wallet were stolen, affecting many Liquid wallets and resulting in a halt of all new transactions.
One fact that we should have in mind is that it’s not Bitcoin’s base layer that was hacked, but a sidechain/ infrastructure. I personally believe this will create a major setback to institutional adoption, as the Liquid network is designed partly for exchanges and institutional settlement, which raises questions about whether these infrastructures are sufficiently secure for large-scale institutional use.
A major selling point of Bitcoin’s network has always been its security, and despite these so-called “white hats” saying that they would return most of the BTC after the vulnerability is fixed, this event creates a scar that will long remain on investors’ minds.
What do y’all make of this?
|
