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it's locked up in a smart contract, script yada-yada technobabble.
To secure a Firefish loan, Bitcoin collateral is locked through a 3-of-3 multi-signature contract which ensures safety and prevents anyone from accessing it.
The collateral only moves when a set of predefined criteria, such as repayment of a loan, are met.
The escrow address on which the collateral is stored is generated by the Borrower themselves.
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Don't think I'll have time, but will be eager to read your report on it. Not because I want to get such a loan, but very interested in the dynamics. How are they (supposedly) implementing the following claim (emphasis mine)