BREAKING: Nevada's Financial Institutions Division filed to appoint a receiver for the troubled crypto custodian PrimeTrustCo into receivership and freeze all of its businesses. nikhileshde reports.
. Tuesday's request for receivership states that Prime Trust owes its clients north of $85 million in fiat, and has about $3 million in fiat currency on hand. The company owes a further $69.5 million in crypto, and has $68.6 million in crypto on hand, the filing said.Part of this shortfall comes from Prime Trust being unable to access"legacy wallets," the filing said.
"It is understood that from December 2021 to March 2022, to satisfy the withdrawals from the inaccessible Legacy Wallets, [Prime] purchased additional digital currency using customer money from its omnibus customer accounts," the filing said."[Prime] is reported to have been making efforts to regain access to the Legacy Wallets. However, as of the date of this Petition, PRIME has been unable to do so.
Both Prime Trust and FID requested the receivership, the filing, attributed to Nevada Commissioner Sandy O'Laughlin, indicated. The filing also asks for preliminary injunctive relief, saying it would be in the public's interest and that there is a"threat of immediate, irreparable harm." In the meantime, the filing asks for a court to ban Prime Trust, as well as its officers, directors, stakeholders and others, from disposing of any of Prime Trust's assets or conducting any transactions.
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