Bull Bitcoin warns of up to 30-day wait to redeem L-BTC

  • Bull Bitcoin temporarily halted L-BTC-to-Bitcoin redemptions for users.
  • 598.50 Bitcoin worth more than $51 million remained with the attacker.
  • Liquid Network said block production, transactions and L-BTC transfers recovered on September 17.

Bull Bitcoin said users cannot currently convert L-BTC (Bitcoin represented on Liquid Network) back into Bitcoin through the platform after the Sept. 6 Liquid Network attack. The Canadian exchange and wallet company expects redemption services to resume within 30 days, while stressing that the timeline is not guaranteed. Because its inventory depends on the redemption mechanism, Bull Bitcoin has also temporarily closed inbound Lightning Network payments. The attacker transferred nearly 4,000 Bitcoin from the protocol and later returned about 3,400, leaving 598.50 Bitcoin worth more than $51 million. Liquid Network said on Sept. 17 that block production, network transactions and L-BTC transfers had returned to normal.

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