Aug 15, 2023

Beleaguered crypto custodian Prime Trust has filed for Chapter 11 bankruptcy protection on Monday, as the chill of crypto winter drags on.

Video transcript

The chill of crypto winter continues to drag on with crypto custodian Prime Trust filing for chapter 11 bankruptcy protection. Yesterday. This comes after Quin Desk recently reported that the company looks poised to do potentially massive layoffs recently. Bit also terminated a deal to buy the company Lawrence. What do you make of this? Just feels like another one, another. It was like we talk about this story often. But yeah, yeah, Prime Trust is one of those stories where, uh, yeah, you keep hearing these things about, oh, maybe they were paying off their, uh, withdrawals with the new deposits. We know how that goes. We do know how that goes. Yeah, I, and, and that they had a, it had difficulty, of course, they had difficulty accessing some uh old wallets that makes it hard to get your money allegedly. Um, you know, and uh questions about what they had their wallet, you know what their wallets were actually invested in things like that. So overall this was, um, this is a, a ugly, ugly case. It's probably gonna be very messy. Um It's gonna be some time. Uh Prime bust, I think is what? Bit Forex on Twitter calls it. Um, and I think that name is gonna stick. Company is now neither Prime nor trust. Yeah, it feels, it feels like each, each story about Prime Trust was a step closer and closer. Maybe to the news of today, you know, we heard state regulators were trying to shut them down then a subsidiary filed for bankruptcy. Um, yeah, we have more and more negative, there's a lot of negative headlines uh coming out of crypto. And uh again, as I've mentioned before, you know, long term adoption depends on people having trust and until the scammers are shook out on some level, um this uh unfortunately has a long term detrimental effect on whether or not the average person decides to use crypto in their day to day lives.

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