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.
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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.
Prime Trust accused of using customer funds to cover lost deposits
Nevada’s financial regulator has warned Prime Trust will do “irreparable harm” and that it has $83 million in liabilities.
Prime Trust halts withdrawals and deposits as acquisition fails
Prime Trust has closed deposits and withdrawals after receiving a cease and desist from Nevada as BitGo pulls out of its acquisition.
Banq alleges founder stole assets to start crypto custodian Fortress
Banq currently has around $5,000 in cash on hand but hopes that pursuing Scott Purcell can result in a recovery that will hand it $9 million.
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