Crypto custodian Prime Trust files for Chapter 11 bankruptcy By Cointelegraph

Crypto custodian Prime Trust has filed for Chapter 11 bankruptcy protection in Delaware after facing a shortfall in customer funds.

The company said in an Aug.15 filing that it has between 25,000 to 50,000 creditors and estimated liabilities between $100 million to $500 million compared to $50 million to $100 million worth of estimated assets.

Prime Trust’s largest unsecured creditor has a claim for over $55 million. Source: Stretto