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Prime Trust, TrueUSD, and Offshore Finance (Feat. Jonathan Reiter and Patrick Tan)

Crypto Critics' Corner

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The Prime Trust Custody Theater

In normal finance, any sort of money manager doesn't want to have direct access to the bank accounts themselves so that they can't make a mistake. So you pay somebody else to do that, you send them instructions. Prime trust is one of a number of institutions in the crypto space in general that are supposed to do that sort of safeguarding and take instructions. We don't yet know if the super efficiency prevented any of those controls from working,. But it seems pretty likely in previous incidents we've seen that did.

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