Prime Trust's deteriorating finances lead to receivership amidst BitGo's failed acquisition

FXstreet
FXstreet

27 Jun 2023 9:46 PM

Prime Trust is now under receivership after the Nevada Financial Institution Division issued a cease and desist order against the cryptocurrency firm....

  • Prime Trust is under receivership after the Nevada Financial Institution Division issued a cease and desist order against the cryptocurrency firm.
  • BitGo rescinded its letter of intent to acquire Prime Trust's parent company, Prime Core Technologies, leading to Prime Trust's current state.
  • Prime Trust's fiat debt exceeds $85,670,000 against $2,904,000 in reserves on its balance sheet, and its crypto debt hits $861,000.
  • The Nevada FCA has asked the court to confiscate Prime Trust's assets and prevent employees from removing Prime property without the permission of a court-mandated receiver.

The article has a negative sentiment as it discusses the insolvency of Prime Trust and the confiscation of its assets.

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You May Ask

Why is Prime Trust under receivership?What is the difference between Prime Trust's fiat debt and reserves on its balance sheet?Why did BitGo rescind its letter of intent to acquire Prime Trust's parent company?What is the role of the court-appointed receiver in Prime Trust's receivership?How did Prime Trust increase its crypto holdings between December 2021 and March 2022?

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