Nevada Places Crypto Custodian Prime Trust Into Receivership

The move comes mere days after fellow custodian BitGo called off its bid to acquire Prime Trust, and follows a Nevada cease-and-desist order which alleged Prime Trust was near insolvency. Tuesday’s order 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 on hand, the filing said.