Prime Trust – Ƀitsell X

Prime Trust Crypto Custodian Signals Potential Layoffs for 62 Employees – Is the Bear Market to Blame?

September 20, 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, CoinDesk reported on Tuesday, noting that the firm had 70 full-time employees and contractors as of…
Read more

Ripple Acquires Crypto Financial Services Company Fortress Trust

September 8, 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 Acquires Fortress Trust The acquisition provides Ripple with Fortress Trust’s financial, regulatory, and technological infrastructure to serve the…
Read more

Crypto Collapse: Prime Trust’s Fall From Grace and the Disappearing Wallet Mystery

August 25, 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 of Prime Trust In a declaration filed along with the bankruptcy petition…
Read more

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

August 25, 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 for Futures ETFs, Prime Trust Lost $8 million of Client &…
Read more

Bitgo Secures $100 Million in Series C, Firm’s Valuation Climbs to $1.75 Billion

August 16, 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 to $1.75 billion. Bitgo Raises $100 Million From Undisclosed Investors Bitgo has successfully…
Read more

Prime Trust Crypto Custodian Enters Chapter 11 Bankruptcy Amid Prolonged Crypto Winter

August 16, 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 million. And with Prime Core Technologies Inc., Prime Trust LLC,…
Read more

From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection

August 15, 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 the restructuring process. Crypto Custodian Prime Trust Files for Chapter 11 Bankruptcy Protection…
Read more

Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trust’s Financial Woes

June 29, 2023

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 responsibilities, Nevada’s financial regulators mandated the closure of Prime Trust. Despite these challenges, Coinbits maintains confidence that the custodian “still has enough bitcoin…
Read more

Prime Trust Faces Closure as Nevada Regulators Take Action – Another Bear Market Victim?

June 29, 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, placing it in an “unsafe financial condition and/or…
Read more

Biggest Movers: SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low

June 28, 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 Reserve Chair Jerome Powell’s latest speech. Shiba…
Read more

Tag: Prime Trust