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ENTITY PROFILE / KNOWLEDGE GRAPH

LBTC

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LBTC is the Liquid sidechain token that is supposed to hold a 1 : 1 value with bitcoin. During the September hack, an attacker used a programming flaw to mint more than 4,000 LBTC tokens that were not backed by any real bitcoin, and then cashed them for on‑chain BTC. Blockstream largely recovered the stolen bitcoin, but the attacker still holds roughly 600 LBTC, worth close to $50 M at current prices, claiming they represent 15 % of the originally stolen amount. The incident highlighted a critical security flaw in the liquid sidechain’s token issuance mechanism.· Entity summary generated by Graphiti

RELATIONS
2Relations
CURRENT
2Current
EVENTS
0Events
REPORTS
1Source reports
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Relation timeline

BY VALID-FROM DATE
  1. SideSwapREOPENS CONVERSIONS FROMLBTC

    SideSwap reopens conversions from synthetic Bitcoin token L-BTC into Bitcoin

    Current1 sourceSideSwap
  2. BlockstreamIDENTIFIED UNBACKEDLBTC

    Blockstream identified approximately 4,000 unbacked L‑BTC during its September 23 assessment

    Current1 sourceBlockstream

Relations are facts Graphiti extracted from reports, not verbatim quotes. An end date means later reporting showed the relation no longer holds.

Source reports 1