Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto custodian Prime Trust LLC and some of its affiliates have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, the company said today.
The Las Vegas-based company said it continues to manage its business as “debtors-in-possession” under the supervision and direction of the special committee. “The Company intends to file a number of motions with the Bankruptcy Court designed to facilitate the Company’s orderly evaluation of all strategic alternatives, including potentially a sale of the Company’s assets and operations as a going concern,” Prime Trust said, adding that these motions may include requests to continue to pay wages and provide benefits to ongoing employees as usual.
The entities filed for bankruptcy protection were Prime Trust LLC, Prime Core Technologies Inc., Prime IRA LLC and Prime Digital, LLC, the filing showed., including crypto exchange Binance.US, which was sued by the Securities and Exchange Commission earlier this year. The company’s leadership recently tried to sell the firm, but those efforts stalled. In June, crypto custodian BitGo