Crypto companies that were partnered with Prime Trust are clearing the air about the safety of customers’ assets following the custodian’s failure. 

Some firms—many of which declare proudly that they are ‘Bitcoin only’—are in worse shape than others. 

“There are still many unknowns, but we intend to fight for our members that have funds locked up with Prime Trust,” tweeted Coinbits, a platform for buying, selling, and automatically saving in Bitcoin on Wednesday.

Prime Trust was placed into receivership on Tuesday by the Nevada Financial Institutions Division due to years-long financial issues that were recently brought to light. Between losing old private keys and misappropriating user assets, the State’s filing indicated that Prime Trust is over $82 million in the hole from fiat liabilities. 

While the company claimed to have a nearly solvent

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Author: Andrew Throuvalas

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