Plot Twist: $20M in ETH to Sent to ‘Inaccessible’ Prime Trust Wallet

  • Blockchain investigators identified PrimeTrust’s inaccessible “98f Wallet” containing $40 million in stranded crypto assets.
  • Prime Trust lost access to the multisig wallet holding customer funds in 2021 despite security measures.
  • Intriguingly, $20 million in ETH was transferred into the 98f wallet after it was known to be inaccessible, deepening the mystery.

PeckShieldAlert, a blockchain security firm, has shared a breakthrough discovery by Arkham regarding the Prime Trust multisig wallet. Termed the “98f Wallet,” this wallet had previously garnered attention after a court filing showed that access to its substantial crypto holdings had been lost.

The new finding by PeckShieldAlert shows that 12,000 ETH, worth approximately $20 million, were transferred into the 98f wallet, even after it was ostensibly known to be inaccessible.

The 98f Wallet’s current holdings now boast a valuation of approximately $40 million in cryptocurrencies. Among these digital assets, the wallet houses around 23,800 ether (ETH) and 935,300 USDC tokens.

Prime Trust, a crypto custodian, established a digital wallet to securely hold cryptocurrencies on behalf of its clients in 2018. While Prime Trust used the digital asset platform Fireblocks to store crypto assets under its custody, this original wallet was maintained but marked as inactive.

However, the situation took a downturn in December 2021 when Prime Trust encountered difficulties accessing specific crypto wallets that were responsible for safeguarding customers’ digital assets.

The saga surrounding the 98f wallet continues to captivate the cryptocurrency community, raising questions about the circumstances that led to its inaccessibility and the subsequent influx of additional assets.

The wallet intrigue adds another layer to the troubled story of Prime Trust. A subsidiary of the company filed for bankruptcy in the US bankruptcy court in Nevada in June, after its executives allegedly drained its funds and abandoned the company. During the bankruptcy, the firm disclosed assets worth $17.72 million and liabilities of $5.4 million. The bankruptcy filing also came at an odd time, as BitGo Holdings signed a non-binding term sheet to takeover Prime Trust’s parent company a week before the filing.

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