Prime Trust, a Nevada-based financial company, has filed for bankruptcy after the state’s business regulator issued a cease-and-desist order earlier in June. The order cited the firm’s “critically deficient” financial condition and inability to honour customer withdrawals. This has raised concerns about the safety of digital asset custody held by Prime Trust, a crucial service in the growing digital asset industry. The company, which has been providing services like payment processing, compliance, and custody for security tokens, has seen rapid growth due to the boom in cryptocurrencies in recent years.
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