Who's affected by the Prime Trust meltdown?
Discussion
Is this another massive rug ?
People are talking about the possibility of clawbacks from any company that withdrew from Prime in the last 90 days.
Keeping any assets, fiat or bitcoin, in Swan or Strike feels risky at this point.
Oh dear
Dude... people need to stop being scared to self custody.
Bitcoin doesn't even care (yet?)
Everybody's short corn. The sell off already happened I think.
Is this the real reason why #[2] changed custodians?
Must be.
I suggest to withdraw to self-custody even though they switched custodian.
But not practical to withdraw if DCAing small amounts and also there’s an unlocking time for withdrawals… I’ve been feeling uncomfortable with #[3] lately. The custodial change was slow, with many mistakes like multiple automatic debits from my bank account, etc. 😟
You just sweep to cold storage each month or quarter (depending on your risk tolerance).
Never keep more than you're prepared to lose on any exchange.
I have the same approach with banks.
Not me. 🤙
Swan followed Purcell from Prime to Fortress.
Strike went internal.
Fold...still with Prime last I checked.
Moving my Fold sats as soon as they're "unlocked."
Fold is not with prime anymore, although idk where they went. I doubt they brought it in house.
I hoped this, but got no emails. Glad to know it, but curious where they went...
There is no secure alternative to holding your own keys.
What about Prime Trust? Heard they are good! 😊
Both their company account and Will made it a point on Twitter to tell people they moved on from Prime before all this happened. If they went in-house, I’m sure they would be open about that like strike was. Makes me assume they only shifted over to Fortress which is just biding time imo.