Nevada Files to Place Crypto Custodian Prime Trust Into Receivership

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Prime Trust entered an agreement with Fireblocks to have the latter company manage its crypto assets, which was completed in 2020. In 2021, after Prime Trust saw new management, it set up “legacy wallet forwarding,” for wallets that were either on Fireblocks’ platform or set up to forward to wallets on Fireblocks’ platform, the filing said. However, in December 2021, Prime Trust “discovered that it was unable to access” its legacy wallets or cryptocurrencies held in those wallets.

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