Novel breach announcement which has ~$40 million in losses plus "Although this is the only identified transaction so far, the company warns that additional accounts may be affected as well.", which might seem to be a good thing to have clarity on for a financial institution.https://twitter.com/fintechfrank/status/1125912751409369090 …
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A billion here, a billion there, sooner or later we should start taking claims that one is operating a responsible financial institution at face value.
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I would be remiss if I didn't say "This could be a particular inopportune week for customers to have their money stuck in a custodian which is extremely exposed to Tether" but every week is an inopportune week to shut down a financial institution.
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Also to beat a drum I have beat many, many times before: hot wallets are observationally an inadequate control. They lost 2% of their AUM because they have no process which would stop 2% of their AUM leaving. Postmortem can be titled "Roadmap += accounting controls from 1500s."
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End of conversation
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