Prime Trust placed in receivership amid insolvency risks
Prime Trust has been placed in receivership following a Nevada court approval of a petition against it. The crypto custody firm owes clients millions of dollars in fiat and crypto. Prime Trust, a once-bubbling digital assets custody firm, has officially been placed in receivership by Nevada authorities. Insolvent or near-insolvent companies are placed in receivership mode to enable the smooth running of the outfit by an authorized entity and realize its assets for debt repayments. John Guedry has been appointed as the Prime Trust receiver. The Nevada Financial Institutions Division (FID) petitioned for receivership of Prime Trust in June, citing operational instability and insolvency risks . The court has put Prime Trust in receivership pending a hearing in August. You might also like: Nevada regulator petitions for receivership of Prime Trust Prime Trust’s issues Prime Trust’s woes reportedly began in late 2021 when the company lost access to some of its crypto w...