Nostr Web Client

Custodians even when fully backed can have other liabilities and they can freeze customer funds at any moment.

So come forward telling us how many accounts with non zero amounts you have frozen this month. How many transactions you have stopped going out and how many transactions you have reversed for AML risk.

Then tell us the total amount of coins involved and average/median amounts.

Then tell us about other liabilities your company has and we talk.

Else keep silent. You are downplaying the custodian risk because it benefits your state licenced business.

River 1mo ago

We have public financials as of earlier this year as a private company, so you can review our liabilities. https://river.com/financials

We are not downplaying custodian risk, we are encouraging awareness of custodian risk by telling Bitcoin users to demand Proof of Reserves from their exchanges.

Even if you withdraw to self-custody, you still don't want to take the risk of an exchange not being fully backed before you get the funds out, and you don't want to be recommending an exchange that may be selling paper bitcoin to friends and family who may take a longer time before they get to self-custody.

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