Prime Trust was a custodian that acted as the backend for several exchanges and apps. The company was a “qualified custodian” regulated by the State of Nevada. [They lost their keys]

Fortress Trust was a subsidiary of Fortress and was also licensed in the state of Nevada. While there are some similarities between Fortress Trust and Prime Trust, the two were separate companies and were compromised in different ways. [Their hot wallet got hacked]

I wonder how custodian blow ups affect the market for hardware wallets, and solutions like casa and unchained, probably gives them a good little spike I guess for every exchange that fails we see another cohort take some sats off the table

At least that was the experience for me, i got rekt on an exchange and I immediately went to self custody after that and haven't looked back since lol sometimes you gotta pay the price to see the value of holidng your own keys

You already take custody risk with all your other assets so why do it with Bitcoin?

You had one job!

Did they fire half of their team before first gathering their keys? What's the story there, any one know?

More seriously, if professionals make this type of mistake, it's hard to expect normies to one day safely self custody.

I remember hearing details someplace of how River built their own cold storage / security infra, but all I can find with a bit of googling is this. Anybody have a better pointer? All this Prime/Fortress stuff has made me curious.

Of course Jamesosn will take position on this custody matter... he have skin in the game too with Casa and want to conquer clients. Nothing wrong with that from free market perspective.