Crypto Custodian Prime Trust Warns It May Lay Off 62 Employees, Nevada Records Show
[Sep 19, 2023 3:49 PM] The company filed for bankruptcy in August.
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Ripple Acquires Crypto Financial Services Company Fortress Trust
[Sep 8, 2023 11:30 AM] 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…
Crypto Collapse: Prime Trust’s Fall From Grace and the Disappearing Wallet Mystery
[Aug 25, 2023 8:00 AM] 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…
Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says
[Aug 25, 2023 3:46 AM] 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
[Aug 16, 2023 11:30 AM] 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…
From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection
[Aug 15, 2023 8:00 AM] 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…
Crypto custodian Prime Trust files for Chapter 11 bankruptcy
[Aug 14, 2023 7:55 PM] 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
[Aug 11, 2023 9:45 AM] 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
[Jul 18, 2023 3:14 PM] 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…
Prime Trust Is Having a Bad Month
[Jun 29, 2023 12:46 PM] Prime Trust may be taken over by the state of Nevada, and the situation seems alarming.
Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trust’s Financial Woes
[Jun 29, 2023 11:30 AM] The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary…
Apparently It's Very Difficult to Custody Crypto
[Jun 29, 2023 9:22 AM]
Biggest Movers: SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low
[Jun 28, 2023 9:30 AM] 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…
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $31,000 Following Prime Trust Liquidation
[Jun 28, 2023 6:21 AM] 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…
Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns
[Jun 27, 2023 10:00 PM] 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…
Nevada FID Files Petition To Take Control Of Troubled Prime Trust
[Jun 27, 2023 5:30 PM] The Nevada Department of Business and Industry’s Financial Institutions Division (FID) has taken action against Prime Trust, LLC. This US-based financial institution specializes in custody and settlement services for digital assets. The FID…
Nevada FID Files Court Petition To Place Prime Trust In Receivership Over Financial Woes
[Jun 27, 2023 2:16 PM] Nevada's Financial Institutions Division has taken legal action against Prime Trust LLC, filing a court petition to place the company in receivership. The Division cited concerns about Prime Trust's unsafe and unsound operations as well as its…
TrueUSD Stablecoin Has $26k of Funds at ‘U.S. Depository Halting Withdrawals,’ Reserve Report Says
[Jun 27, 2023 12:44 PM] The stablecoin issuer said last week that it had “no exposure” to the failed crypto custodian Prime Trust.
Nevada Files to Place Crypto Custodian Prime Trust Into Receivership
[Jun 27, 2023 11:23 AM] Nevada's Financial Institutions Divisoin filed to appoint a receiver for crypto custodian on Prime Trust, the regulator announced on Tuesday.
BitGo Still Sees Consolidation in Crypto Custody After Spurning Prime Trust: CEO
[Jun 26, 2023 7:23 AM] CEO Mike Belshe said he sees consolidation in the crypto custody sector in the next six months.
Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns
[Jun 23, 2023 12:00 AM] After the Bitgo acquisition deal to purchase Prime Trust fell through, it seems that crypto firms that have worked with the custodian are experiencing problems. On Thursday, Seattle-based fintech startup Stably announced the need to…
Prime Trust can't honor customer withdrawals, says Nevada regulator
[Jun 22, 2023 4:53 PM] Nevada's business regulator issued a cease and desist order to the crypto custodian alleging it has a "shortfall of customer funds."
Prime Trust Has 'Shortfall of Customer Funds,' Nevada Regulator Says
[Jun 22, 2023 3:06 PM] Crypto custody firm Prime Trust has "a shortfall in customer funds" and was unable to meet all withdrawal requests this month, the Nevada Department of Business and Industry said Thursday.
TrueUSD Says TUSD Stablecoin Has ‘No Exposure’ to Embattled Prime Trust
[Jun 22, 2023 10:37 AM] Stablecoin project TrueUSD said Thursday it had “no exposure” to embattled crypto services company Prime Trust as it raced to shore up confidence in its dollar-backed TUSD.
Uncertainty Returns After BitGo Cancels Prime Trust Acquisition
[Jun 22, 2023 10:09 AM] BitGo's plans to acquire Prime Trust, a prominent custody firm, have taken an unexpected turn as BitGo recently announced on Twitter the cancellation of the acquisition. The initial announcement had generated excitement within the industry, as the…
Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian’s Ongoing Uncertainty
Crypto Custody Firm BitGo Cancels Acquisition of Rival Prime Trust
[Jun 22, 2023 7:59 AM] Prime Trust has been losing clients and deposits to competitors for weeks amid mounting concerns over its business, a source at one former client told CoinDesk.
TUSD Supply Skyrockets With 1 Billion Injection Amidst Decline in Stablecoins
[Jun 19, 2023 9:30 PM] Despite the decline in stablecoins due to substantial redemptions, particularly from projects like USDC, DAI, and BUSD, the project TUSD has experienced a notable surge in its supply. TUSD has added more than a billion dollars’ worth of…
Custodian Prime Trust’s Payments Subsidiary Banq Files for Chapter 11 Bankruptcy Protection
[Jun 14, 2023 5:30 PM] Shortly after the custodian Bitgo announced its acquisition of the company Prime Trust, its payments subsidiary, a firm called Banq, filed for Chapter 11 bankruptcy protection in the United States. According to court documents, the filing reveals…
Prime Trust Unit Banq Files for Bankruptcy
[Jun 14, 2023 12:17 AM] Bankruptcy filing comes as TrueUSD stops redemptions and Haru Invest ceases operations citing problems with an unnamed partner.