Jack Mallers Says Strike Followed Procedures in Bitcoin Retrieval Case

Strike co-founder Jack Mallers said Strike followed required Bitcoin (BTC) transaction procedures after a user identified the wrong self-custody address while trying to retrieve Bitcoin (BTC), while the company works to help recover the funds.

Mallers rejected the description of the incident as a “rug pull.” He said the issue resulted from the user identifying an incorrect self-custody address and that Strike followed the procedures required for Bitcoin transactions under the Travel Rule.

The clarification addressed confusion over a user’s Bitcoin retrieval. Mallers also said he was working internally to assist the user.

Strike is a cryptocurrency payment platform that facilitates Bitcoin transactions. Its custody model holds customer Bitcoin (BTC) 1:1 in multi-signature cold-storage vaults, with internal allocations used to organize balances. Strike’s custody model and goal-based Bitcoin stacks do not create separate wallets or tokens.

Mallers’ comments addressed the transaction procedures and Strike’s efforts to assist the affected user.