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Jan 30, 2026
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LONG
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A third-party government contractor (CMDSS) hired to hold seized crypto for the US Marshals had funds stolen ($20M+) because an executive's son leaked keys during a livestream. The speakers note the government already uses Coinbase for major assets but uses contractors for "lower tier" tokens. This scandal is a massive embarrassment for the US government's custody protocols. It validates the "Flight to Quality" thesis. The government will be forced to consolidate assets away from small, obscure contractors and toward the only "Fort Knox" standard explicitly mentioned in the text: Coinbase. LONG. This event acts as a catalyst for Coinbase to secure exclusive, higher-value government custody contracts as the state seeks to eliminate third-party counterparty risk. Government decides to build custody "in-house" (mentioned as a desire by V), though speakers admit this is unlikely due to technical incompetence. |
Unchained (Chopping Block)
Blame Exchanges for Holding Up the Market Str...
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