SideSwap, a swap provider on the Liquid Network, has reopened conversions from the synthetic Bitcoin token L-BTC into Bitcoin. However, direct withdrawals from the Liquid Federation, which manages the network's Bitcoin reserves, remain restricted. SideSwap's payouts can still queue during manual refills of its own Bitcoin wallet, potentially delaying payments.
SideSwap stated that since reopening on October 20, users have made approximately 600 peg-outs, with over 60 BTC paid. This follows Liquid's September 23 assessment, where Blockstream reported an Elements verification-cache flaw created about 4,000 unbacked L-BTC, leading to Bitcoin leaving Liquid's reserve through SideSwap. The Liquid Federation's final restoration phase, requiring full 1:1 Bitcoin backing and controlled reactivation of peg-outs, has no specified date.
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SideSwap reopens Bitcoin swaps, but Liquid Federation withdrawals remain restricted and payments may be delayed
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