Nevada asks for Prime Trust to be put in receivership, reports $82M deficit
Regulators in Nevada filed a court petition to place Prime Trust LLC in receivership, according to an official press release on June 27....
- Regulators in Nevada have filed a court petition to place Prime Trust LLC in receivership.
- The Nevada Financial Institutions Division (NFID) has asked courts to appoint a receiver to take control of Prime Trust’s daily operations.
- The NFID has also asked for restrictions that would prevent Prime Trust members from accessing and moving company funds.
- Prime Trust lost access to certain “Legacy” cryptocurrency wallets in December 2021 but continued to purchase cryptocurrency to meet customer withdrawals, leading to its inability to meet withdrawals.
- Prime Trust currently has an $82.8 million fiat deficit and owes $85.7 million to customers.
- Prime Trust appears to hold a large amount of Audius (AUDIO) tokens.
The article reports on the negative situation of Prime Trust LLC, which is facing regulatory action and financial difficulties. The sentiment is negative.