Nevada

Celsius

Prime

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<p class="is-style-lead">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.</p> 
<p>Prime Trust, a once-bubbling digital assets custody firm, <a href="https://business.nv.gov/uploadedFiles/businessnvgov/content/News_Media/Press_Releases/2023/Financial_Institutions/Prime%20Trust%20-%20Order%2007.14.2023.pdf" data-type="URL" data-id="https://business.nv.gov/uploadedFiles/businessnvgov/content/News_Media/Press_Releases/2023/Financial_Institutions/Prime%20Trust%20-%20Order%2007.14.2023.pdf" target="_blank" rel="noopener noreferrer nofollow">has officially been placed</a> in receivership by Nevada authorities.</p> 
<p>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.</p> 
<p>The Nevada Financial Institutions Division (FID) <a href="https://crypto.news/nevada-regulator-petitions-for-receivership-of-prime-trust/" rel="noopener noreferrer nofollow">petitioned</a> for receivership of Prime Trust in June, citing operational instability and insolvency risks.&nbsp;</p> 
<p>The court has put Prime Trust in receivership pending a hearing in August.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/nevada-regulator-petitions-for-receivership-of-prime-trust/" rel="noopener noreferrer nofollow"> Nevada regulator petitions for receivership of Prime Trust </a> </p> 
<h2 class="wp-block-heading" id="prime-trust-s-issues">Prime Trust’s issues</h2> 
<p>Prime Trust’s woes <a href="https://fortune.com/2023/06/27/nevada-prime-trust-impound-assets-crypto-assets/" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> began in late 2021 when the company lost access to some of its crypto wallets. The company once offered crypto and fiat custody services to businesses like the collapsed Sam Bankman-Fried’s FTX, <a href="https://crypto.news/celsius-bankrupt-allocates-24-million-for-legal-expenses/" rel="noopener noreferrer nofollow">Celsius Network</a>, and others.&nbsp;</p> 
<p>Last month, the FID also issued a cease-and-desist order against Prime Trust, <a href="https://crypto.news/prime-trust-insolvency-fears-nevada-cease-and-desist-order/" rel="noopener noreferrer nofollow">citing</a> a substantial deficit in customer funds.&nbsp;</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="Prime Trust Collapse - The REAL Story | Binance Strikes Back Against SEC | Lawyers Weigh In" width="1020" height="574" src="https://www.youtube.com/embed/wJ2KAjTZpes?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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</figure> 
<p>BitGo, a leading crypto custody company, <a href="https://crypto.news/bitgo-terminates-plans-to-buy-prime-trust/" rel="noopener noreferrer nofollow">backed out</a> of its acquisition deal with Prime Trust last month. BitGo announced the termination of the purchase on June 22. However, the company did not state the exact reason behind that decision.</p> 
<p> Read more: <a href="https://crypto.news/bitgo-terminates-plans-to-buy-prime-trust/" rel="noopener noreferrer nofollow"> BitGo terminates plans to buy Prime Trust&nbsp; </a> </p>

Prime Trust placed in receivership amid insolvency risks

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