what's the difference between Liquid and wrapped BTC on arbitrum or something like that?

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the counter party

same same

I hear wrapped BTC on etherium sits in a bitgo wallet

and liquid bitcoin?

Separate block chain

but where are the bitcoins?

It's federated by different members like block stream, bitfinex, I think boltz are part of it too.

So my understanding is that "the bitcoins" are in a multisig wallet, validated by most of the members. Peg in 1:1