Another Crypto Collapse Imminent? What Is Happening to Prime Trust
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Everyone is afraid that they will lose their seed phrase and lose access to their wallets. This is why a lot of crypto holders put their trust in large custodians that promise to keep their crypto safe, but what happens when one of these massive institutions lose the keys after you trust them with your money?
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0:00 Intro
1:00 Receivership
1:59 More Problems
3:49 FTX Ties
5:17 Swan Bitcoin
6:43 Old CEO
7:10 Banq
7:36 Coinbits & Binance
8:01 TUSD
8:24 Outro
All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice. Digital Assets are highly volatile and carry a considerable amount of risk. Only use exchanges for trading digital assets. Never keep your entire portfolio on an exchange.
Sources:
https://www.coindesk.com/policy/2023/06/27/nevada-places-crypto-custodian-prime-trust-into-receivership/
https://www.coindesk.com/business/2022/06/22/prime-trust-raises-107m-with-eyes-on-crypto-ira-tokenized-asset-products/
https://www.theblock.co/post/236014/bitgo-says-its-terminating-acquisition-of-prime-trust?utm_source=twitter&utm_medium=social
https://www.primetrust.com/blog/prime-trust-statement-on-ftx-fallout
https://www.primetrust.com/blog/prime-trust-statement-on-ftx-fallout
Not luck AND didn’t know.
We’d been prepping to move for 9 months, had already moved some users/states to Bitgo, and pulled the trigger when PT lost Connecticut bc that regulator was going to force the sale of user BTC.
If a custodian keeps losing states you need to change. You…
— Cory Klippsten | Swan.com 🦢 #Bitcoin (@coryklippsten) June 28, 2023
https://dockets.justia.com/docket/florida/flsdce/0:2022cv61688/619889
https://casetext.com/case/banq-inc-v-purcell-5
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