# Jack Mallers Says Strike Followed Procedures in Bitcoin Retrieval Case By John Kim Canonical URL: https://www.tokenpost.com/news/business/29552 Published: 2026-10-10T13:47:12.000Z Updated: 2026-10-10T13:47:12.000Z Section: Business > The Strike co-founder said a user identified the wrong self-custody address and that the company is working to help recover the Bitcoin. 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. ## Links in this article - [Strike’s custody model and goal-based Bitcoin stacks](https://www.tokenpost.com/news/business/27619)