Prime Trust Is Having a Bad Month
Prime Trust may be taken over by the state of Nevada, and the situation seems alarming. Source
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Nevada financial regulator petitions court to place Prime Trust into receivership
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 filing, the regulator petitioned the Eighth Judicial District Court of Nevada for a temporary restraining order and an
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Nevada Places Crypto Custodian Prime Trust Into Receivership
Prime Trust entered an agreement with Fireblocks to have the latter company manage its crypto assets, which was completed in 2020. In 2021, after Prime Trust saw new management, it set up "legacy wallet forwarding," for wallets that were either on Fireblocks' platform or set up to forward to wallets
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BitGo Has Other Acquisitions Pending Following Aborted Prime Trust Purchase
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Prime Trust insolvency fears, Nevada regulator issues cease-and-desist order
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Nevada Department of Business and Industry’s Financial Institutions Division (FID) has taken official action by issuing a cease-and-desist order. This action was prompted by their identification of a substantial deficit in customer funds and a
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TrueUSD (TUSD) Remains Unaffected by Prime Trust Suspension of Deposits and Withdrawals
The TUSD stablecoins issuer confirmed to the users that it had no exposure to Prime Trust and that all funds are safe. After the acquisition failure of Prime Trust, a fintech and digital assets infrastructure provider, by BitGo earlier this month, the troubles facing the Nevada-based firm resulted in the closure
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BitGo terminates plans to buy Prime Trust
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Digital assets custodian BitGo, will not be going forward with its planned acquisition of its rival crypto custody platform Prime Trust. BitGo announced the termination of the purchase of Prime Trust via Twitter on June 22. Although
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Crypto Custodian Prime Trust Has ‘Shortfall of Customer Funds,’ Nevada Regulator Says
"On or about June 21, 2023, Respondent was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the Respondent's balance sheet owed to customers," the order said. "Additionally, Respondent failed to safeguard assets under its custody and is unable to meet
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TrueUSD assures users it has no exposure to troubled Prime Trust
On June 22, TrueUSD announced on Twitter that its TUSD stablecoin had “no exposure” to the troubled Prime Trust, which is reportedly facing regulatory challenges. Following an order from state financial regulators, the Nevada-based Prime Trust reportedly abruptly halted all fiat and cryptocurrency deposits and withdrawals. Numerous clients now find themselves in a predicament,
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TUSD Stablecoin Has ‘No Exposure’ to Embattled Prime Trust
That volatility has rocked usually quiet loan markets for TUSD, especially on Aave v-2, the largest on-chain lending facility for TUSD. At press time, the variable borrow rate for TUSD was over 30% APR; it was even higher earlier in the day, according to Parsec. Source
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