Oversimplified Summary: A US court agrees BitGo could not provide audited financial statements for 2021. They’re also buying Prime Trust which appears to have spectacularly failed for reasons no one will publicly admit.

Question: Why should I trust them or businesses that use them as a custodian? This makes me extremely hesitant to use them until a clear explanation is public. #[0]​ #[1]​ #[2]​ Care to comment?

This seems to reinforce the River, Cash App, and Strike model of insourcing the custodial piece. Maybe that’s a potential conflict of interest, but I’ll take a conflict over the “money gone” that just almost happened at Prime Trust and BitGo not being able to put together an audited financial statement with $1B on the line.

Frankly it’s frustrating that certain people seem to know the story, but won’t share. This is info people need to make intelligent decisions in the Bitcoin space. #bitcoin #plebchain