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BTC Blockstream refused to pay a ransom to recover the US$47 million in Bitcoin related to the Liquid hack, with a clear position: "This is theft"
According to reports, Blockstream refused to pay a ransom in exchange for the US$47 million in Bitcoin related to the Liquid hack. The company characterized the request as a "theft" rather than an object of negotiation. This core proposition is expressed through the phrase "It Is Theft," although the specific details behind it are still not fully documented.
Key Points
Ransom Denial: Reports indicate that Blockstream rejected ransom payment demands for bitcoin related to the Liquid hacking incident.
Statement of position: This position is summarized as the phrase "This is theft." In the available material, the phrase is not attributed to any specific speaker.
Detailed analysis
Statement on Ransom Rejection
The core proposition is very clear: Blockstream refuses to pay ransom in exchange for the return of Bitcoin, negates the "paid recovery" framework. This position is summarized by the phrase "This is theft."
It should be noted that when the phrase appears in the material, it does not specify the specific speaker, original statement or surrounding context. Therefore, it should be viewed as a journalistic description of the company's position rather than an independently confirmed quote from a verified source. Readers should regard this refusal and wording as original statements to be independently confirmed and should not be accepted as an established fact at present.
The core figure reported on the $47 million bitcoin
related to the Liquid hack is $47 million, which is described as the value of the bitcoin sought to be returned. It needs to be clarified that this amount refers to the value of the funds involved, rather than a separately quantified ransom demand (no specific ransom amount is specified in the text).
Since the report did not provide a valuation timestamp or exchange rate, this amount is not converted into a specific BTC quantity. Converting without a source price reference may misstate the size of the position.
These funds were linked to what was reported as the "Liquid hacking incident." Liquid is a sidechain of bitcoin, and the statement here should not be interpreted as indicating that the Liquid protocol itself has been compromised. The specific systems affected, custody arrangements and nominal values of assets are not established here. Previous reports have referred to the suspension of the Liquid network and the loss of bitcoin, suggesting that such claims were circulating in the market before independent verification.
Early reports also documented the recovery of some bitcoins by Liquid, as well as cases where attackers claimed to have returned most of the funds. These contents are only for background information and do not confirm the specific mechanism, attribution of responsibility or timeline of the incidents described here.
Outstanding matters regarding extortion requests and recovery
Specific terms of the extortion request, including its amount and conditions, are not provided in the materials supporting this report. The absence of this information does not mean that it is unknown, but rather that it is not recorded in the evidence reviewed.
Any claims about negotiations, funds returned, law enforcement involvement or Bitcoin's current location require independent source support before being published. A refusal to pay ransom does not in itself prove that recovery is hopeless, nor does it prove that no funds have been recovered.
A previous report listed the $320 million Liquid loss as unconfirmed, highlighting the importance of maintaining caution about the exact number of such incidents until confirmation is obtained from chain or affected parties.
Regardless of the final outcome of this particular fund, Bitcoin's base-level settlement continues to be independent of the activities of sidechains such as Liquid. According to the Bitcoin real-time market page, the network's spot market and mining fundamentals have not been affected by this controversy. This report will be updated as verified details emerge.
