Random Thoughts in no particular order:
Swan Bitcoin and Strike both used prime trust for custody…until recently.
Both companies were able to get out in time, while the door was still open.
This means they likely knew about the hole before it became mainstream.
David Bailey also became aware of the problem.
Interesting 🤔
The funny part, Swan allowed customers to opt out from the migration and stay with Prime 🐶🐾🤷♂️
I saw that. I added more to the post, didn’t mean to send it prior. You and I both had funds on swan 🥶
We got lucky.
The NPCs will ask why we had funds on the exchange…
So, it’s because there is a delay from when you purchase to when you can w/d….unless you wore the funds…which I don’t do typically.
Strike has always allowed instant w/d…same with cashapp
Even with wire it was 24h, so it sucked. I still think for my case Swan was the only good option 🐶🐾🤷♂️🤔
Taken together, just remember, in ALL types of investing or problems in life…most of the time there is an “inside crowd.” You are probably not part of the crowd.
So the best you can do is hold your wealth in an asset that could care less about their shenanigans.
Bitcoin. Hold your own keys.
There is a risk of clawbacks. IMO.
Prime Trust was effectively running a Ponzi scheme since the time they became aware of the inability to access the legacy addresses.
This is criminal activity.
Why the fk hasn’t SBF been tried yet?
Swan’s new setup is equally risky.
Strike has made the right move by doing in-house custody…
Even still, not your keys…
Don’t let bad people like Udi and Nic dissuade you from bitcoin because of this.
In the end, an 85 million dollar hole (US deficit) or a 32 trillion dollar hole?
Tried to make it all back with….audio coin? Fk.
Who TF is “Fireblocks?”
So the “exchange” outsourced to prime trust and prime trust outsourced to a company I have never heard of.
I’ve since switched to River from Swan because of how long the migration took… I am thinking about staying with River but it’s kinda bitter sweet because I love the education Swan has provided
I agree. I think Swan is a good company. In the end, I only need them to be solvent long enough for me to buy and send to my address.
I am a current customer of Swan and Strike.
Did they get out in time? If Prime Trust goes bankrupt, any #bitcoin withdrew in the last 90 days might be subjected to claw backs. Swan is so fucked right now
Not sure they knew the hole. Many of the issues became evident when the state licensing wasn’t being renewed with Prime Trust.
Certainly possible….but my gut tells me they knew of the hole. The “you can stay with prime trust” may just be cover so the can make the case you made above.
None the less, I’m just speculating…and I think Jack is a great guy…same with Cory.
I guess we are all learning together.
