Prime Trust Files for Bankruptcy
Fintech Prime Trust, a company that manages cryptocurrency, has filed for Chapter 11 bankruptcy in the US. Prime Trust has selected former Bank of Nevada president John Guedry as the receiver. He will direct the company’s activities throughout the bankruptcy process along with other representatives. Nevada’s regulatory authorities determined that the business was bankrupt and […]
Nevada Court Orders Prime Trust Into Temporary Receivership
Nevada courts have ordered Prime Trust, a prominent crypto custodian now facing financial troubles, into temporary receivership on July 18. Prime Trust, a once-thriving custody company for digital assets, has been formally declared under receivership by Nevada authorities. Companies that are bankrupt or almost insolvent are placed in receivership mode to allow for the organization’s […]
BitGo Terminates Plans to Buy Prime Trust
Digital assets custodian BitGo has decided to cancel its planned acquisition of crypto custody platform Prime Trust. BitGo expressed that this decision was not taken lightly and emphasized its continued dedication to providing trust in digital assets. The termination of the agreement came two weeks after BitGo announced its letter of intent to buy Prime […]
Prime Trust Unit Banq Files for Bankruptcy
Banq, a subsidiary of the troubled crypto custodian Prime Trust, has filed for bankruptcy in a U.S. bankruptcy court in Nevada. Banq has chosen to file for Chapter 11 bankruptcy in the Nevada division of the U.S. bankruptcy court.The company values its assets at approximately $17.72 million, while its liabilities exceed $5.4 million. The bankruptcy […]
Banq Goes Bankrupt Amid Parent Company’s Crisis
Banq, a crypto custodian Prime Trust subsidiary, has filed for bankruptcy in the Nevada District Court. Prime Trust, Banq’s parent company, is attempting to conclude an acquisition with BitGo after experiencing a financial crisis due to the Celsius bankruptcy. Banq also accuses its former executives of stealing its trade secrets and assets to launch rival NFT […]