2min chapter

Crypto Critics' Corner cover image

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

Crypto Critics' Corner

CHAPTER

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.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode