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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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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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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied There have been positive price movements for Trust Wallet Token, Tradecurve, and SHIB, which is noteworthy considering the current bear market. Further details on these updates can be found below. >>Buy TCRV tokens now<< Trust Wallet is rallying In recent
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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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A company behind providing cryptocurrency-linked and other exchange-traded funds (ETFs) has filed with the United States Securities and Exchange Commission (SEC) for listing shares of a leveraged Bitcoin futures ETF.Volatility Shares Trust filed Form 8-A with the SEC on June 23, suggesting that the firm was preparing to launch an
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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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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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"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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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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