Nevada judge approves Prime Trust’s receivership application

Nevada judge approves Prime Trust’s receivership application
фото показано с : invezz.com

2023-7-20 23:52

As invezz.com reported last month, the Nevada Financial Institutions Division (NFID) filed a petition to place the troubled cryptocurrency custodian firm Prime Trust under state receivership. That followed reports of the company lacking funds after losing access to some customer wallets.

Judge approves Prime Trust’s receivership request

Prime Trust placed in receivership after court grants NFID petition: pic.twitter.com/PoeLWp4DsC

— DIRTY BUBBLE MEDIA: GOOD LUCK, GOOD BYE. (@MikeBurgersburg) July 18, 2023

Tuesday’s statement from the regulator reveals a Nevada judge approved the petition to place Prime Trust in receivership.

The court granted the petition after reviewing relevant applied exhibits, according to July 14 filing. Nevada placed Prime Trust into receivership after documents showed that the crypto custodian lost access to customer crypto wallets in 2021.

Meanwhile, the judge has ordered Prime Trust to appear in court on 22 August to highlight why a permanent approval (according to the application) isn’t essential.

The original petition revealed taking over the embattled firm’s day-to-day undertakings and thoroughly reviewing Prime’s finance for a lucrative way to safeguard customers through liquidating the company of returning the firm to private management.

Prime Trust’s financial woes

The regulator confirmed that Prime Trust suffered a massive short and owed its clients millions. The company owes more than $85 million in cash but can only afford around $2.9M. Also, the June filing revealed it owes customers crypto worth approximately $69.5M but only has $68M in cryptocurrencies.

The latest ruling blocks Prime Trust from applying for protection in insolvency court.

The post Nevada judge approves Prime Trust’s receivership application appeared first on Invezz.

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Источник: invezz.com

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