Custody Lessons From a Week of Hacks
November 3, 2026
This Final Settlement episode from Onramp Media covers how banks may approach bitcoin custody, Google Cloud's MPC custody service compared with multisig, and a reported exchange hack. The views are the hosts' commentary, not investment advice from Onramp.
Final Settlement, a show from Onramp Media, with hosts Michael Tanguma, Liam Nelson and Brian Cubellis. Michael argues that as banks and fintechs come to treat bitcoin as money, they will move significant balances offline and look for custody without a single point of failure. The hosts discuss Google Cloud's new MPC custody service for banks alongside bitcoin-native multisig, and the reported Binance hot-wallet hack, including what being made whole means and how large balances attract attackers. Also covered: ICE and Stanley Druckenmiller backing Trade[XYZ], SoFi's first crypto results, the CFTC's onshore pitch, Y Combinator's crypto request for startups, and AI developments. Final Settlement is editorial commentary and is not investment advice.
Chapters
00:00 - Welcome: Grid Fears and a Week of Reported Hacks 04:25 - The Reported Binance Hot-Wallet Hack 07:32 - The Hosts On Bitcoin's Price Reaction 08:26 - What "made whole" means, and the human attack surface 14:15 - The CFTC's Onshore Pitch and State-Sponsored Hacking Risk 19:50 - The Hosts On Custody and Institutional Adoption 24:09 - Why Banks Partner With Large Custodians, and Concentration Risk 27:18 - Reported Data Incidents and the Privacy Squeeze 32:10 - Google Cloud's MPC Custody for Banks vs Multisig 41:49 - ICE and Druckenmiller's Reported Trade[XYZ] Backing 46:08 - SoFi's first crypto numbers 48:29 - Single Point of Failure of the Week: Reported Software Security Issues 51:09 - The Hosts' Price Scenarios, and AI Bugs 55:09 - Y Combinator's crypto request for startups 58:15 - An AI agent in the Pentagon, Grok limits and Altman on DRAM
Frequently Asked Questions
What do the hosts expect from banks on bitcoin custody?
At 19:50 and 32:10, Michael argues that once banks and fintechs treat bitcoin as money, significant balances will move offline and toward custody without a single point of failure. This is the show's framing, not investment advice from Onramp.
How does Google Cloud's MPC custody compare with multisig?
From 32:10, the hosts weigh Google Cloud's new MPC custody service for banks against bitcoin-native multisig and explain why they favor keeping keys offline.
What does being made whole mean after an exchange hack?
At 08:26, the hosts discuss what it means for customers to be made whole after the reported Binance hot-wallet hack, and the human attack surface behind such incidents.
What other industry news is covered?
At 41:49 the hosts cover ICE and Stanley Druckenmiller backing Trade[XYZ], at 46:08 SoFi's first crypto numbers, and at 55:09 Y Combinator's crypto request for startups.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.