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The Liquid incident is bigger than a $320M hack. The attacker reportedly exploited an Elements vulnerability to create unauthorized L-$BTC , then redeemed it through a process that appeared legitimate. Multisig, whitelisting and valid signatures all worked as designed but the system accepted a counterfeit asset as real. Nearly 4,000 BTC were withdrawn, representing over 90% of Liquid’s reported reserves. The real question is not who had the keys. #OracleAdobeEarnings