Tag: Customer Withdrawals

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Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns

June 28, 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 its property, assets, books, papers, documents, and records.…
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US Banking Industry Still Struggling as First Republic Bank Shares Plummet by Over 30%

April 26, 2023

In the midst of a tumultuous week, First Republic Bank is struggling to regain its footing in the financial world. Reports have surfaced that the bank is poised to enter government receivership due to a massive outflow of $100 billion in customer withdrawals last month. This has prompted investors to flee the bank, causing its…
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