Tag Archives: prime trust

CoinspeakerPrime Trust Files for Bankruptcy Protection amidst Financial Struggles Prime Trust announced its intention to present a series of motions to the court. Prime Trust Files for Bankruptcy Protection amidst Financial Struggles

Prime Trust and most of its associates have come under undue problems. Prime Trust subsidiary Banq has filed for Chapter 11 bankruptcy protection in the United States District Court of Nevada. As reported by The Block, the decision to file comes only five days after the parent company reached an acquisition deal with BitGo due to its problems with embattled cryptocurrency exchange Celsius Network. Based on the filing, Banq currently has about $17.72 million in assets and a total liability...

Crypto lending platform Celsius may have gotten a break in its recent bankruptcy case as crypto service provider Prime Trust – which held a long-term partnership with Celsius up through the summer of 2021 – has agreed to give up control of approximately $17 million of the lending company’s digital assets, thus returning them back to executives’ hands. Celsius Is Getting a Chunk of Money Back Celsius had filed a lawsuit against Prime Trust back in August. Per a contract...

Earlier, Celsius Network said that Prime Trust refused to fulfill its obligation of transferring the $17 million in crypto assets at the time of dissolving the agreement. On Thursday, October 20, crypto service provide Prime Trust agreed to return $17 million to troubled crypto lender Celsius Network. Prime Trust is popular for offering custodial services for digital assets.Celsius Network and Prime Trust CaseThe company reportedly held $119 million of Celsius’ assets. In August, Celsius...