Blockstream Declares $47 Million Bitcoin Theft, Rejects Ransom Demand

Blockstream, the company behind the Liquid sidechain, has publicly stated that the 598.5 BTC (approximately $47 million) taken in a recent hack is a theft, not a ransom situation. The firm refused any offer to pay a ransom for the return of the funds.

Company stance on the incident

Blockstream emphasized that the stolen Bitcoin is the property of its users and that the company will not negotiate with the attackers. It warned that any attempt to demand payment would be treated as extortion and that the organization will cooperate with law‑enforcement agencies to recover the assets.

Outstanding amount and next steps

With 598.5 BTC still missing, Blockstream said it will pursue all available legal channels. The company indicated that it will file reports with relevant authorities and pursue investigations to trace the stolen coins.

Implications for the Liquid network

The incident highlights security challenges for sidechain solutions and may prompt further scrutiny of custodial practices. Blockstream’s refusal to pay a ransom underscores a broader industry trend of treating such breaches as criminal theft rather than negotiable incidents.