Crypto fintech Prime Trust’s CEO, Tom Pageler, was replaced this week, CoinDesk has learned.

Pageler had helmed the Nevada-based crypto services company since January 2021, according to his Linkedin profile. He was previously its president and chief operating officer. It was not immediately clear why Pageler was replaced; in a statement Prime Trust said he had "transitioned" but did not share his new role.

Jor Law is the firm's interim CEO, the statement said.

"We have marquee clients, a suite of products that is unparalleled in the marketplace, and a strong core group of people. It’s times like these when efficiently run companies can really emerge to be runway winners," Law said in a statement.

The abrupt moved marks the latest shakeup in crypto this month after FTX and Alameda Research’s market-shattering collapse. Even so, Prime Trust said it had no "counterparty exposure" to FTX or BlockFi, another recently felled crypto firm.

Former FTX CEO Sam Bankman-Fried held tens of millions of dollars with Prime Trust that he later sent to political campaigns, according to a series of contribution disclosures that erroneously stated Prime Trust as the donor but were later corrected. One of his top deputies, Nishad Singh, also sent donations through Prime Trust.

Spokespeople for Prime Trust could not immediately be reached. Pageler did not respond to multiple requests for comment.

Prime Trust raised $107 million in June during a Series B round, looking to expand its services. Chief Financial Officer Rodrigo Vicuna declined to share the company’s valuation at the time.

Update (23:06 UTC 11/29/22): Adds details from Prime Trust.