SideSwap reopens Bitcoin swaps while Liquid reserves stay locked
BTC when published $82,398Now $80,595 ▼ −2.19% since it was published
SideSwap, a swap provider on the Liquid Network, has reopened conversions from the synthetic Bitcoin token L-BTC into Bitcoin. Direct withdrawals from the Liquid Federation, which manages the network’s Bitcoin reserves, remain restricted. SideSwap’s payouts can still queue during refills of its own Bitcoin wallet. In its Oct. 21 update, SideSwap said users had made about 600 peg-outs, and it had paid more than 60 BTC since reopening on Oct. 20. In Liquid's Sept. 23 assessment, Blockstream said an Elements verification-cache flaw created approximately 4,000 unbacked L-BTC and led to Bitcoin leaving Liquid’s reserve through SideSwap. Under SideSwap’s reopening terms, holders send L-BTC and receive Bitcoin at a quoted 1:1 conversion rate less the provider’s standard 0.1% fee.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
