On September 6, ~4,000 BTC ($320M) moved out of Liquid's peg wallet in a transaction the federation never meant to sign.

A patched bug sat unshipped for a month. Confidential amounts meant nobody outside could even audit it before it happened.

Drivechains bet differently: no committee, no hardware modules, no trust required. Withdrawals sit in public escrow, needing miner approval block by block for ~3 months. Theft isn't impossible, it's slow, visible, and contestable.

A federation fails in secret, all at once. A drivechain can only fail in public, in slow motion.

Full breakdown on how BIP-300 pegs actually work:
https://ecashblog.com/posts/2026-09-12-liquid-trusted-a-federation-drivechains-trust-hashrate-and-time.html