Bitcoin’s BIP138 wallet-backup proposal was merged into the Bitcoin Improvement Proposals repository on September 21 and remains in Draft status. It aims to preserve information that a seed phrase alone cannot restore in a multisig wallet, including descriptors or cosigner public keys. The solution involves an encrypted file holding these metadata, but with a tradeoff: a third party holding an eligible extended public key could read this information if it obtains a copy of the backup. This conditional exposure does not grant access to the private keys needed to spend funds. A Bitcoin wallet called Liana already uses an earlier backup format incompatible with the current BIP138.
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