Apparently It's Very Difficult to Custody Crypto

This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the fullThis escalated quickly for what seems to be a good reason: Prime Trust allegedly owes its clients $85 million in fiat, and has about $3 million in fiat currency on hand. The company also owes a further $69.5 million in crypto, and has $68.6 million in crypto on hand.

Then, in 2021, after Prime Trust had turnover in its management team, it set up something called"legacy wallet forwarding" for clients and had funds sent back to Prime Trust’s old pre-2020 wallets, after issues on the Fireblocks platform. This, it turned out, was a huge mistake. in a funding round last year that included FIS, Fin Capital, Mercato Partners and Kraken Ventures, and counted several crypto firms including Swan Bitcoin and Coinbits as clients.It should be straightforward. You give me crypto, I hold crypto for you, I give it back to you when you want it, and you pay me for those services. This is something individuals are wholly capable of achieving. This should be a cakewalk for sophisticated companies that garner nine figures worth of venture funding.

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