Crypto custodian Prime Trust files for Chapter 11 bankruptcy

Crypto custodian Prime Belief has filed for Chapter 11 Chapter in Delaware after it confronted a shortfall in buyer funds.

The corporate mentioned in an Aug.15 filing that it has between 25,000 to 50,000 collectors with estimated liabilities between $100 million to $500 million in comparison with $50 million to $100 million value of estimated belongings.

“The Firm believes that the graduation of the Chapter 11 Instances will present a clear and value-maximizing course of for the good thing about the Firm’s shoppers and stakeholders,” it said in an accompanying press launch.

Prime Core Applied sciences Inc., Prime Belief, LLC, Prime IRA LLC and Prime Digital, LLC have been the entities listed because the entities submitting for Chapter 11 aid.

This can be a growing story, and additional data will probably be added because it turns into obtainable.