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Prime Trust Crypto Custodian Signals Potential Layoffs for 62 Employees – Is the Bear Market to Blame?
20.9.2023
Now-bankrupt crypto custodian Prime Trust has notified employees of potential layoffs affecting 62 individuals within the next two months, according to Nevada's Department of Employment, Training & Rehabilitation.
This news comes shortly after the company made significant workforce reductions...
Crypto Custodian Prime Trust Warns It May Lay Off 62 Employees, Nevada Records Show
19.9.2023
The company filed for bankruptcy in August
Anchorage Digital CEO Highlights 'Widespread' Self-Custody Risks After Prime Trust Bankruptcy
11.9.2023
The collapse of crypto custodian Prime Trust in recent months has underscored the inherent risks of self-custody within the cryptocurrency industry, according to Diogo Monica, CEO of San Francisco-based crypto bank Anchorage Digital.
Speaking in an interview with crypto news outlet Decrypt, Monica...
Ripple Acquires Crypto Financial Services Company Fortress Trust
8.9.2023
Ripple, a leading blockchain and cryptocurrency company, has acquired Fortress Trust, a Nevada-licensed financial services provider for the crypto industry. The purchase expands Ripple’s regulatory licenses and infrastructure to bolster its position in enterprise blockchain solutions. Ripple...
Today in Crypto: HashKey to Start Offering Crypto Trading to Retail Clients in Hong Kong, ARK Invest & 21Shares Apply for Futures ETFs, Prime Trust Lost $8 million of Client & Treasury Funds in a TerraUSD Investment
25.8.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: HashKey to Start Offering Crypto Trading to Retail Clients in Hong Kong, ARK Invest & 21Shares Apply...
Crypto Collapse: Prime Trust’s Fall From Grace and the Disappearing Wallet Mystery
25.8.2023
After Prime Trust filed for bankruptcy protection, the company’s interim CEO Jor Law cited excessive spending, losses on the stablecoin terrausd, and problems accessing customer funds held in cold storage wallets as contributing factors. From Cold Storage to Cold Reality: The Dramatic Decline...
Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says
25.8.2023
A separate 2021 wallet bungle by the crypto custodian, taken into receivership in July, cost it $76 million, the CEO said in a court filing
Bitgo Secures $100 Million in Series C, Firm’s Valuation Climbs to $1.75 Billion
16.8.2023
The digital asset trust firm Bitgo, headquartered in Palo Alto, California, has secured $100 million in a Series C funding round. While the company remains tight-lipped about the participants in this financial endeavor, this fresh infusion of capital catapults the firm’s post-valuation...
Prime Trust Crypto Custodian Enters Chapter 11 Bankruptcy Amid Prolonged Crypto Winter
16.8.2023
On Monday, Las Vegas cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection, marking another setback for the troubled fintech company.
In the August 15th filing, the company stated that it has 25,000 to 50,000 creditors and expects liabilities of $100 million to $500...
From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection
15.8.2023
In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer, bolstered by a designated committee to steer...
Crypto custodian Prime Trust files for Chapter 11 bankruptcy
15.8.2023
The crypto custodian's bankruptcy comes as it's been unable to honor customer withdrawals for months
Struggling Crypto Custodian Prime Trust Looks Poised for Potentially Massive Layoffs, Sources Say
11.8.2023
Nevada regulators recently ordered the crypto company, which BitGo had planned to buy, to cease operations and noted a shortfall in customer funds
Prime Trust Put Into Receivership Amid Shortfall in Funds, Charges It Misused Customer Money
18.7.2023
Crypto custodian Prime Trust has been ordered by the Eighth Judicial District Court of Nevada, where the company has its headquarters, to be put into receivership after the state ordered the custodian to cease all activities amid a shortfall of customer funds
Prime Trust Is Having a Bad Month
29.6.2023
Prime Trust may be taken over by the state of Nevada, and the situation seems alarming
Apparently It's Very Difficult to Custody Crypto
29.6.2023
Prime Trust Faces Closure as Nevada Regulators Take Action – Another Bear Market Victim?
28.6.2023
Crypto custodian Prime Trust is facing imminent closure as Nevada regulators move to shut down the troubled company, potentially making it the latest victim of the crypto bear market.
The regulatory action comes after it was discovered that Prime Trust owed millions of dollars to its customers...
Biggest Movers: SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low
28.6.2023
Shiba inu was down by as much as 5% on Wednesday, as the meme coin slipped to a one-week low in today’s session. Market uncertainty has heightened in recent days, following the news that Prime Trust has been placed into receivership. Additionally, traders’ nerves increased ahead of Federal...
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $31,000 Following Prime Trust Liquidation
28.6.2023
After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900. Bitcoin...
Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns
28.6.2023
In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize...
TrueUSD Stablecoin Has $26k of Funds at ‘U.S. Depository Halting Withdrawals,’ Reserve Report Says
27.6.2023
The stablecoin issuer said last week that it had “no exposure” to the failed crypto custodian Prime Trust