Nevada FID orders Prime Trust to halt withdrawals and deposits. π
BitGo cancels their acquisition. π
Discussion
π
not good
Honestly Iβm not sure who PT is even in bed with anymore.
Everyone I knew shifted away to Fortress.
With that said Iβm pretty sure the old CEO or PT runs Fortress now. π€£
Yeah π€£ He does... Binance.US uses PT, I believe?
I will say Iβm happy the signals were there early and the Bitcoin only companies were able to move away.
That's a good way of looking at it. Swan and Strike are safe. π
The red flags began with Texas License not being renewed if my memory serves. Thatβs when Strike said they were unaffected due to their separate Texas license.
Fold was ahead of the game with the fall out as well. They have migrated to fortress already. Iβm assuming that means the funds are at Fortress now and buying will be enabled again in July per their announcement.
Any chance this will happen with Fotress? I'm secnd guessing using Swan and switching to River
Why arenβt you self custody?
Clearly thats the cleanest route or maybe a multisig with someone like unchained capital route?
Big question is always who are you trusting your custody with?
Counter party risk from one company who has counterparty risk with another company is always π§
Swan required 10 day holding period when they were using PT.
Most people also set a threshold for moving funds on chain (I.e. 0.01 BTC or something).
Either way because of that there were many who had their sats held up even if they wanted to move them prior.
this. people gloss over the fact there is _some_ custodial period even when youβre actively self custody-ing.
the CEX either holds your corn in their infra or a 3rd party custodian for some amount of time, during which you may be rugged.
To swans credit they constantly tell users to pull their sats.
I am not happy with how my account got caught in the shuffle but I got my sats out.
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How well I sleep with my Bitcoin in cold storage
Just checked the cold card. All is well
Rugs a plenty.
mmmmmmm, another one "bites the rug" π¦π¦π¦
Ouch
Why would a custodian go out of business? Are they lending out the bitcoin under their custody?