A Recap of the Prime Trust Saga
The Breakdown
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The Nevada FID Files a Case for Prime Trust's Loss of Access to Legacy Wallets
The Nevada FID claims that prime trust owes clients 85 million in fiat but only has 3 million in cash on hand. The regulator also alleged that prime trust had been operating while under capitalized with a $12 million deficit after considering shareholder equity. Prime trust operates as a trust company, meaning that it doesn't take ownership of customer assets for the purposes of putting them at risk.
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