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Scott Purcell-linked Fortress Trust fails like Prime Trust before it

Two crypto custodians involving Scott Purcell both collapsed after a disturbingly similar pattern of financial mismanagement.

Former Binance US custodian Prime Trust joins crypto’s chapter 11 club

Prime Trust has filed for chapter 11 bankruptcy following months of trouble that escalated after Binance US was sued by the SEC.

Nevada’s financial regulator has warned Prime Trust will do “irreparable harm” and that it has $83 million in liabilities.

Prime Trust has closed deposits and withdrawals after receiving a cease and desist from Nevada as BitGo pulls out of its acquisition.