What brand? LV, Hermes, Bottega?
BNY Mellon Now Offers Bitcoin Custody Services
- Thread starter johnarb
- Start date
What brand? LV, Hermes, Bottega?
My question was about holding the keys. We hear all the time about data breaches and customers’ private data being stolen. But if the keys are stolen, it’s bye bye your money. So I am curious how this works. Are they actually liable in such situation? IB is using Paxos and is NOT liable.
Yes, if private keys are compromised by hackers, the bitcoins will be stolen
BNY Mellon manages trillions of $ worth of assets for their clients, so does Blackrock, so does Goldman Sachs, and JPM, and others
Let's go with your hypothetical that if BNY Mellon, Blackrock and others buy billions of $ worth of bitcoins for their clients and custody those bitcoins and they get hacked, are you saying they will tell their clients they are not liable because their policy is like IB?
Ok then
I'm not saying that, I'm asking if that's the case. Some entity needs to take that risk, so I want to know which one does. From what I understand for stocks/bonds/futures, even if a broker or clearing house gets hacked, they cannot just transfer all the money to some offshore accounts. But with crypto, once you have the key, there's nothing to stop someone from transferring money to anywhere in the world. I am just trying to understand how this would work.