Nevada court approves temporary receivership for PrimeTrustCo following state regulator's petition. A hearing on Aug. 22 will determine if it becomes permanent.
for receivership with the Financial Institutions Division based on the “substantial deficit between its assets and liabilities.”
At the time, the Nevada financial regulator called for the immediate appointment of a receiver due to the risk of “irreparable harm” to users, the public and “confidence in the emerging market of cryptocurrency.” The Financial Institutions DivisionAccording to the June 26 petition, Prime Trust owed more than $85 million in fiat and $69.5 million in crypto to its clients. However, the firm reportedly only held roughly $2.9 million in fiat and $68.6 million in crypto.
Prior to Prime Trust’s financial woes, wallet infrastructure provider and digital asset custodian BitGo of the firm. The deal was officially called off by BitGo on June 22, roughly one day after the NFID issued its cease-and-desist order.
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