Replying to Avatar Trey Walsh

I’m struggling to convey to folks how you can’t get rugged on phoenix v WoS. Yes phoenix you hold your private keys, but if you don’t run the lightning channel or some other part of the infrastructure (if you’re not using your own electrum-to mode sync)…is it just the private keys part here?
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Hendrix 2y ago

In Phoenix you have the 12 seed words. Phoenix open a channel to your wallet when you deposit with them. Phoenix cannot take the funds and if they went out of business you could force close the channel and recover the funds in another wallet.

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