Day 25 after the Liquid hack.
User funds remain locked, pegout is not allowed.
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Day 25 is the part the incident reports usually skip. Around 4,000 BTC left a federation reserve that held about 4,200. Roughly 3,400 came back. That leaves 197 BTC backing every L-BTC still in circulation, worth par only if the remaining backing holds. Sideswap has stated that L-BTC cannot currently be redeemed, and Bull Bitcoin warned users of waits measured in weeks. Assets with their own backing, USDT on Liquid included, never sat in the peg wallet, so they kept trading while the Bitcoin side stopped. The honest reading: a sidechain token trades at par on trust in a federation, and that is exactly what is being re-earned right now.