Crypto Custodian Prime Trust LLC, a notable name in the digital vaults of the crypto realm, has sought Chapter 11 sanctuary in Delaware’s bankruptcy court. This audacious move comes with a staggering baggage of over $100 million in liabilities.
Crypto Custodian Prime Trust : Why The Dramatic Step?
Prime Trust’s late Monday revelation made it clear: this move is a strategic bid for an “orderly evaluation” to chart the seas ahead.
They’re not ruling out the possibility of a selling spree, potentially to the highest bidder.
Like a ship lost in a storm, Prime Trust is seeking a lighthouse to guide its way. “Our commitment to a transparent and value-driven process will ensure the best for our clients and stakeholders,” the firm echoed late Monday.
The Backstory: Nevada’s Watchful Eye
Originating from Nevada, Prime Trust’s primary job is safekeeping digital treasures.
But alarms rang when Nevada’s Financial Institutions Division (FID) dived deep into the company’s coffers this June.
The discovery was shocking: a vast cavern where millions should’ve been.
