Two custody failures in twenty-four hours. $5.7B gone from Binance's hot wallets. Then a Paraguayan bank locked three million people — 60% of the entire country — out of their accounts before dawn, because the regulator who was supposed to watch it used to be its chief executive. Different rails, same lesson. The size of the institution is not protection. The regulator's approval is not protection. The only custody that survives a bad week is the kind where the counterparty is you. Not your keys isn't a slogan. It's the whole argument.