It's crypto. It's not like the assets are sitting in traditional accounts that can be force liquidated by court order.
SEC? Lol. If these guys have run off (reading the article it doesn't seem like it), the lenders are screwed. A fraction of $10 billion can buy you a lot of protection especially in crypto safe havens like El Salvador--most of which happen to be hotspots for organized crime.
Or if they've run off (not saying they have). With a traditional account, a court could force the bank to transfer assets. Unless there is a third-party custodian of the accounts, there is no recourse. Not your keys, not your coins after all.
Comments
It's crypto. It's not like the assets are sitting in traditional accounts that can be force liquidated by court order.
SEC? Lol. If these guys have run off (reading the article it doesn't seem like it), the lenders are screwed. A fraction of $10 billion can buy you a lot of protection especially in crypto safe havens like El Salvador--most of which happen to be hotspots for organized crime.
//It's not like the assets are sitting in traditional accounts that can be force liquidated by court order.
Yes they can unless they want to go to jail.
Or if they've run off (not saying they have). With a traditional account, a court could force the bank to transfer assets. Unless there is a third-party custodian of the accounts, there is no recourse. Not your keys, not your coins after all.
Are there "Wanted, Dead or Alive" smart contracts yet?