Crypto Custodian Prime Trust Warns It May Lay Off 62 Employees, Nevada Records Show
The company filed for bankruptcy in August.
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Prime Trust
The company filed for bankruptcy in August.
A separate 2021 wallet bungle by the crypto custodian, taken into receivership in July, cost it $76 million, the CEO said in a court filing.
Nevada regulators recently ordered the crypto company, which BitGo had planned to buy, to cease operations and noted a shortfall in customer funds.
Prime Trust CEO Tom Pageler. (Prime Trust)
CEO Mike Belshe said he sees consolidation in the crypto custody sector in the next six months.
Prime Trust has been losing clients and deposits to competitors for weeks amid mounting concerns over its business, a source at one former client told CoinDesk.