Blockstream Refuses $320M Ransom Demand for Stolen Liquid Network BTC

Blockstream has refused to pay a ransom for the $320 million in Bitcoin stolen from its Liquid Network, calling it 'a crime' rather than 'responsible disclosure.'

The company stated that it had tried to work with those controlling the stolen funds but made it clear it would not pay for their return.

Blockstream believes paying a ransom would set a bad precedent and undermine the principles of Bitcoin, which is considered 'hard money' that cannot be conjured on demand or used to fund ransom payments.'

The hack occurred when an exploit allowed hackers to take about 4,000 BTC from the Liquid Network's total reserve of around 4,200 BTC. The attackers later returned 85% of what they took.