Cryptocurrency custodian Prime Trust has declared its insolvency

Prime Trust is engaged in the storage of cryptocurrencies. The company has decided to file for Chapter 11 bankruptcy in Delaware.

What the document says

The statement states that the site has about 25-50 thousand creditors. At the same time, the liabilities range from $ 100 to $500 million. However, the company has assets of only 50-100 million dollars.

The five largest clients of the site include creditors with claims for approximately $ 105 million. The largest claim is a claim for $55 million.

The company has issued an accompanying press release. In it, she indicates that the company will file petitions to the court regarding bankruptcy. This will help make it easier for the company to evaluate all possible alternatives. They also include the possible sale of assets and operations. Ptime Trust has also filed for bankruptcy of its daughters.

In June, the company received an order from the Nevada Department of Business and Industry. It included a requirement to freeze the deposit and withdrawal of assets. The regulator stated that it sees a "capital shortage", which is why the company cannot fulfill the requirements of customers to withdraw funds.

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