Las Vegas-based cryptocurrency custodian Prime Trust filed for Chapter 11 bankruptcy protection on Monday, the latest setback for the troubled financial technology company. The bankruptcy filing follows Prime Trust's placement into receivership in late June by Nevada regulators, who determined the company was insolvent and unable to service customers. In June, Prime Trust made headlines when rival crypto custodian BitGo signed a letter of intent to acquire the company, but backed out just two weeks later. Later that month, a Prime Trust subsidiary called Banq filed for bankruptcy due to alleged mismanagement under former CEO Scott Purcell.
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