A Recap of the Prime Trust Saga
The Breakdown
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Introduction
The Nevada Financial Institutions Division or FID filed to place prime truss into receivership. If approved, a regulator approved receiver would take over operations at the cryptocostodian and current business would be frozen while an audit is conducted. This comes after last Thursday, BitGo walked away from its planned acquisition of prime trust. They said that it had been unable to meet redemption requests and was quote operating at a substantial deficit or might already be insolvent.
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Transcript
