Nevada regulators are taking steps to close cryptocurrency custodian Prime Trust due to the company’s deteriorating financial condition. The Nevada Financial Institutions Division (FID) has submitted a court filing demanding cessation of all Prime Trust’s business activities and the appointment of receiver. The filing cites the debt issues arising from the company’s failure to access “legacy wallets”. According to the FID, the company then misappropriated customer funds to meet the withdrawal demands. The investigation further reveals that Prime Trust currently owes clients more than $154.5 million in fiat and cryptocurrency.
Source: https://decrypt.co
