Almost 4,000 BTC left Liquid’s reserve on Sept. 6 without attackers stealing the private keys. A software flaw let them create unbacked L-BTC and redeem it for real Bitcoin. A company’s insurance does not guarantee full customer repayment. Coverage limits can leave a shortfall, and compensation fixed in dollars can buy back fewer coins if Bitcoin rises before payment. https://cryptoslate.com/who-pays-when-bitcoin-disappears-without-anyone-stealing-the-keys/