#加密资产安全与托管 Seeing the SEC's release of the Cryptocurrency Custody Guidelines, my first reaction was: this should have appeared a long time ago.

Thinking back, how many people got completely wiped out because they didn't understand custody risks. The choice between self-custody and third-party custody seems simple, but the pitfalls are deep. Hot wallets are convenient but easy to hack; cold wallets are secure but if you accidentally lose the private key, it's permanent—these lessons were paid for with real money.

What worries me most are those "seemingly legitimate" custody institutions. Re-pledging assets, mixing client funds in the same pool—this is a classic scammer's trick reloaded. When your coins are lent out or used for leverage trading by the custodian, the risk is no longer under your control. Remember those exchange collapses? Users' assets ended up wiped out.

At least this SEC guideline can help newcomers avoid some detours. Before choosing a custodian, be sure to ask: Are the assets stored independently? Will the institution reuse your assets? These details determine whether your coins are truly in "your" hands or have become someone else's ATM.

The core logic for long-term on-chain survival is simple—always remember that custody is about risk transfer, not risk elimination.