Jameson Lopp (Casa) and analyst Willy Woo debated Bitcoin custody on X, with Lopp arguing that no loss is solved by handing BTC to a third party, while Woo cited a River report showing 1.57 million BTC lost through self-custody versus none for spot ETF custodians. Coinbase Custody, used by most spot Bitcoin ETFs, has gone more than eight years without losing coins, compared to 136,000 BTC lost through self-custody and 13,000 on exchanges over the same period. Ari Paul, founder of BlockTower Capital, alleged that Coinbase lost $25 million belonging to his firm and covered up repeated hacks affecting over $1 billion, with the claims unproven and subject to ongoing legal processes.
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