Boltz said all of its original founders have stepped down with immediate effect as an unnamed group of “veteran Bitcoiners” prepares to take over the suspended Bitcoin swap service. The company said the incoming operators have agreed to provide capital and engineering resources while vulnerabilities are identified and fixed.
The service has been offline since Aug. 3, when Boltz suspended swaps after a series of attacks that it said had grown more frequent, intense, and sophisticated over several months. Boltz said some of those attacks succeeded and caused losses, but added that user funds were never at risk because the platform is non-custodial.
Founders leave immediately
According to Boltz, every original founder has now left the company and no longer holds any formal or authoritative role in the project. The departure took effect immediately.
Boltz said any future involvement by those founders would be limited to voluntary participation in the project’s open-source software, rather than any official operating position.
New operators to fund and rebuild
The incoming group has not been identified publicly. Boltz said their names are being withheld for now, but described them as veteran Bitcoiners who will assume control of the service.
Their immediate role is to support recovery work by supplying both funding and engineering help. Boltz said the aim is to restore swap functionality as quickly as possible once the service’s vulnerabilities have been found and addressed.
Service remains offline after attacks
Boltz halted the swap service on Aug. 3 after what it described as AI-assisted attacks. The company said the campaign escalated over time in frequency, intensity, and sophistication.
Several of those attacks were successful and resulted in losses, according to Boltz. Even so, the company said customer funds were not exposed because the service operates on a non-custodial basis.
What is still operating
Swaps remain unavailable while the handover and security work continue. Boltz has not given a reopening date.
The project’s outage notice says the API is still available for cooperative refunds, and that the support team can still be contacted. For now, the next confirmed step is the ongoing effort by the new operators to repair vulnerabilities and bring the service back online.
Source: thedefiant.io