Threshold Network attacker attempted to mint tBTC without collateral but failed; preventive measures have been implemented

ChainCatcher reported that Threshold Network posted on X platform stating that an attacker attempted to mint tBTC without depositing underlying BTC, but did not succeed, resulting in no invalid tBTC and no user funds at risk. As a precaution, and in light of increasing malicious activity across the entire crypto ecosystem, Optimistic Minting has been temporarily suspended. Minting is now carried out via the sweeping mechanism, extending the minting time from about 1.5 hours to approximately 6-7 hours.

According to the introduction, the fundamental security model of tBTC is that a decentralized signer network holds the underlying Bitcoin and verifies each native minting through verifiable Bitcoin SPV proofs. Optimistic Minting adopts a different trust model, confirming deposits through the Minter and Guardian instead of SPV proof, with a minting time of around 1.5 hours.