How a Lombard Loan against BTC actually works at a Swiss private bank (bank-custodied)

The article compares Bitcoin collateralized loan options, highlighting risks in DeFi (e.g., Aave's rsETH exploit causing $177M+ losses) and CeFi (e.g., Nexo's custodied BTC loans) versus safer Swiss private bank custodianship. It emphasizes trust in centralized wrappers like WBTC and cbBTC, and the vulnerabilities of pooled collateral and oracle dependencies in DeFi.