• BlueWallet is closing its lightning node connection to Lndhub and customers must withdraw their sats by April 30th.
• There are about 42 BTC ($1 million) available in the popular Lightning Network wallet known as “Blue Wallet”.
• BlueWallet has made it public knowledge that users who have sats linked to BlueWallet’s lightning node should immediately remove them.
BlueWallet To Close Lightning Node Connection
BlueWallet is closing its lightning node connection to Lndhub, urging customers to withdraw their sats by April 30th. The popular Lightning Network wallet, known as “Blue Wallet,” currently holds 42 BTC ($1 million).
Withdraw Sats By April 30th
Users who have sats linked to BlueWallet’s lightning node are advised to immediately remove them before the company ends its custodial operations on April 30th. Standard Bitcoin wallets will not be impacted by this announcement.
Encouraging Self-Custody Solutions
The new policy implemented by BlueWallet is meant to encourage self-custody and decentralized approaches in order for people to continue utilizing Blue Wallet’s lighting services on the Bitcoin Lighting Network.
What Is The Lightning Network?
The Lightning Network is a Bitcoin-based second-layer payment system which allows people send small sums of Bitcoin (called satoshis or sats) from one person to another using a lightning wallet.
Due to the closure of Blue Wallet’s custodial operations, customers must withdraw their sats by April 30th in order for them not lose access. This policy encourages users to take up a more self-custodial approach when dealing with digital currencies such as Bitcoin and other cryptos on the Lighting network.