Post
EGCTRADE
The Liquid incident is bigger than a $320M hack.
The attacker reportedly exploited an Elements vulnerability to create unauthorized L-$BTC , then redeemed it through a process that appeared legitimate.
Multisig, whitelisting and valid signatures all worked as designed but the system accepted a counterfeit asset as real.
Nearly 4,000 BTC were withdrawn, representing over 90% of Liquid’s reported reserves.
The real question is not who had the keys.
#OracleAdobeEarnings
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