Replying to Avatar OT

I hear wrapped BTC on etherium sits in a bitgo wallet
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UNLICENSED MONEY TRANSMITTER 2y ago

and liquid bitcoin?

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OT 2y ago

Separate block chain

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UNLICENSED MONEY TRANSMITTER 2y ago

but where are the bitcoins?

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OT 2y ago

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