Nevada asks for Prime Trust to be put in receivership, reports $82M deficit

CryptoSlate
CryptoSlate

27 Jun 2023 9:29 PM

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.

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You May Ask

Why did the Nevada Financial Institutions Division file a court petition against Prime Trust LLC?What restrictions did the NFID ask for in the court petition?Why is Prime Trust unable to meet customer withdrawals?What is Prime Trust's current financial situation?What is the significance of Prime Trust holding a large amount of Audius (AUDIO) tokens?

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