You also trust your hardware device’s secure element. And you trust its generating a seed phrase with *actual* randomness. And you also trust someone else’s node. And you also trust your not being MITM attacked on a deposit.

And this may not all apply to you and we are all learning. But believe it or not, there’s a lot of trust still existing in the hold your own keys camp.

Coinbase Custody offers a really secure institutional product, but yeah these funds should absolutely be looking at where there are still gaps in that security and how they can improve. Solely holding their own keys would scare the absolute shit out of me though.