Could Fedimint’s federated custody model repeat Mt. Gox’s catastrophic failure? Mt. Gox collapsed in 2014 due to centralized control, poor security, and mismanagement, losing 850,000 Bitcoins. Fedimint, by contrast, decentralizes custody using federations and Chaumian e-cash mints, distributing trust among guardians to enhance privacy risks and reduce single-point failures. Unlike Mt. Gox’s opaque operations, Fedimint prioritizes user privacy and fault tolerance, aiming to empower communities. However, Fedimint’s reliance on trusted guardians introduces management complexity, and critics warn of potential vulnerabilities like double-spending or collusion. While Fedimint’s design addresses many of Mt. Gox’s flaws, its success hinges on robust governance and community trust, with risks that demand careful scrutiny to avoid echoing past disasters.