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Prime Trust files for bankruptcy

prime-trust-files-for-bankruptcy
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Prime Trust files for bankruptcy

Cryptocurrency custodian fintech Prime Trust has filed for bankruptcy under Chapter 11 in the US.

The company filed a voluntary petition for bankruptcy in the Eighth Judicial District Court of Nevada.

Prime Trust has chosen John Guedry, former president of the Bank of Nevada, as the receiver. He and other officials will be in charge of supervising the company’s operations during the bankruptcy process.

In late June, Nevada’s regulators established that the company was insolvent and unable to work with its customers. It was placed into receivership.

BitGo signed an LOI for acquiring the company, but later on, it decided not to move forward with the purchase.

The State of Nevada Department of Business and Industry explained that the company had over $12 million in negative stock. Since June, its financial condition has deteriorated.

Regulators added that Prime Trust had used customers’ money to pay withdrawals since December 2021. The company had a debt of $82 million with its current customers, composed of missing deposits and fiat currency belonging to their clients.

Prime Trust said that the bankruptcy process will allow the company to explore different options, such as selling its assets.

The company currently operates under the “state of debtors-in-possession” under the supervision of the bankruptcy court’s jurisdiction.

Prime Trust was founded in Nevada in 2016 by Scott Purcell. The company provides fintech and digital asset infrastructure.