Nevada regulator petitions for receivership of Prime Trust
The Nevada Financial Institutions Division has recently lodged a petition for receivership for Prime Trust citing operational instability and insolvency. In a move seeking to stabilize its operation, the Nevada Financial Institutions Division has called for the initiation of receivership proceedings for cryptocurrency custodian Prime Trust. The institution’s call for receivership was prompted by concerns over Prime Trust’s financial soundness and current operational state. According to the regulator, the crypto custodian’s mode of operation was found to be precarious and unstable, and the company is identified as insolvent in compliance with the cease-and-desist order promulgated on June 21, 2023. FID alleged Prime Trust lost access to legacy wallets in 2021 and used customer assets to buy back crypto oh brother https://t.co/2rrW2jpmDr pic.twitter.com/zjebYPAkcA — db (@tier10k) June 27, 2023 By seeking the appointment of a receiver, the regulatory bod...