As cryptocurrency becomes a significant part of American investment portfolios, its influence extends beyond digital transactions into tangible impacts on real estate markets and household spending, a recent study finds. Report Shows Cryptocurrency Wealth Adds ‘Meaningful Implications for the Real Economy’ The study, first reported on by Bloomberg, analyzes bank and credit card data from…
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A poll of voters in New Hampshire, Nevada, Ohio and Pennsylvania found 55% would be less likely to vote for anti-web3 presidential candidate, said Coinbase. Crypto exchange Coinbase says it will focus its “Stand with Crypto” campaign on nine states in the U.S., including four “swing states” where voters were polled as less likely to…
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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 of Prime Trust In a declaration filed along with the bankruptcy petition…
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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 million. And with Prime Core Technologies Inc., Prime Trust LLC,…
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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 the restructuring process. Crypto Custodian Prime Trust Files for Chapter 11 Bankruptcy Protection…
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A Nevada woman has been sentenced to five years in prison for attempting to hire a hitman using Bitcoin (BTC) to kill her ex-husband. Kristy Lynn Felkins, the 38-year-old resident of Fallon, Nevada, pleaded guilty in March to a murder-for-hire charge as part of a deal with federal prosecutors, according to a press release by the US Department of Justice (DOJ). As…
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Prime Trust will have the opportunity to show why a petition from the Nevada Financial Institutions Division should not be permanently granted in an Aug. 22 hearing. The Eighth Judicial District Court of Nevada has granted a petition from the state’s Financial Institutions Division (NFID) placing crypto custodian Prime Trust into receivership, pending a hearing…
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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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The filing suggested Prime Trust had financial liabilities to its users totaling more than $82 million in fiat and $800,000 in crypto. Following the filing of a cease and desist order, Nevada’s Financial Institutions Division has again moved against crypto custodian Prime Trust by petitioning for the appointment of a receiver. In a June 26…
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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 “temporarily pause” certain services and operations. According to reports, the bitcoin payments platform, Strike, is also encountering difficulties and has…
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