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Liquid Network faces $318M BTC peg-out controversy as 'whitehat' claim is disputed by Ledger CTO.

Market News
06 Sep 2026
Blockonomi
View Source
Neutral
Liquid Network faces $318M BTC peg-out controversy as 'whitehat' claim is disputed by Ledger CTO.

Liquid Network experienced an unusual peg-out of about 3,996 BTC valued at $318.4 million, with the actors behind the withdrawal claiming to be "whitehats." Ledger CTO Charles Guillemet challenged this claim, noting that legitimate security researchers typically disclose vulnerabilities before moving large sums. The withdrawal passed through SideSwap's Peg-out Authorization Key without compromising other keys, and most of the BTC remains concentrated rather than dispersed. Liquid paused bridge activity and is investigating how the peg-out bypassed normal security controls, while exchanges halted LBTC deposits and withdrawals. The key issues are how the withdrawal was authorized and whether the BTC will be returned.

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