The red flags began with Texas License not being renewed if my memory serves. That’s 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. I’m 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 aren’t 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 🧐
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 you’re 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.
the Fold announcement today that they're going back to weekly withdrawals is sus though.
I guess they posted that on Twiddler because they’re not here yet for some reason. They keep saying they’ll have Lightning withdrawals real soon now™ and then it never happens.
Moving custodians might be a multi-tiered process as I saw with Swan. Doing weekly withdrawals might be a broad brush approach to having runway to provide the actual sats.
All the regulatory mess is too much for my brain so who knows.
I just know that Swan took 3 weeks to finally get my account over to fortress and I was finally able to pull my sats out (I have a modest threshold before moving on chain so I was prepared to get rugged for no more than a million sats)
