#Crypto #Cryptocurrencies #Fintech: "A buzzy startup offering financial infrastructure to crypto companies has found itself bankrupt primarily because it can’t gain access to a physical crypto wallet with $38.9 million in it. The company also did not write down recovery phrases, locking itself out of the wallet forever in something it has called “The Wallet Event” to a bankruptcy judge.
Prime Trust pitches itself as a crypto fintech company designed to help other startups offer crypto retirement plans, know-your-customer interfaces, ensure liquidity, and a host of other services. It says it can help companies build crypto exchanges, payment platforms, and create stablecoins for its clients. The company has not had a good few months. In June, the state of Nevada filed to seize control of the company because it was near insolvency. It was then ordered to cease all operations by a federal judge because it allegedly used customers’ money to cover withdrawal requests from other companies."
https://www.404media.co/crypto-startup-prime-trust-files-for-bankruptcy-after-losing-password-to-38-9-million-crypto-wallet/
Miguel Afonso Caetano /
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2023-08-26 10:23:08
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npub1pwuvltfvfme0d987k6rs3an6jnv9k2w32zqdlqt5hpy9u3cmv6ps2r95z7Published at
2023-08-26 10:23:08Event JSON
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"content": "#Crypto #Cryptocurrencies #Fintech: \"A buzzy startup offering financial infrastructure to crypto companies has found itself bankrupt primarily because it can’t gain access to a physical crypto wallet with $38.9 million in it. The company also did not write down recovery phrases, locking itself out of the wallet forever in something it has called “The Wallet Event” to a bankruptcy judge.\n\nPrime Trust pitches itself as a crypto fintech company designed to help other startups offer crypto retirement plans, know-your-customer interfaces, ensure liquidity, and a host of other services. It says it can help companies build crypto exchanges, payment platforms, and create stablecoins for its clients. The company has not had a good few months. In June, the state of Nevada filed to seize control of the company because it was near insolvency. It was then ordered to cease all operations by a federal judge because it allegedly used customers’ money to cover withdrawal requests from other companies.\"\nhttps://www.404media.co/crypto-startup-prime-trust-files-for-bankruptcy-after-losing-password-to-38-9-million-crypto-wallet/",
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