According to data reported by Arkham Intelligence, a former cryptocurrency wallet associated with Prime Trust has been blocked, and the team is unable to access approximately $45 million worth of assets.
The majority of the assets, including Ethereum, are valued at over $44 million at the current exchange rate. The remaining assets include the USDC stablecoin and USD, along with a small amount of HEX.
This action took place less than 48 hours after a lawsuit was filed in court seeking to prohibit the Prime Trust group or their associates from accessing the inherited wallets.
On June 27th, the Financial Institutions Division (FID) of Nevada took over Prime Trust and temporarily suspended the platform’s operations. There is also information that the regulatory agency is actively seeking a receiver. Other records indicate that Prime Trust is facing liquidity challenges.
Prime Trust is known as a service provider for leading cryptocurrency service providers and exchanges, including Binance.US and FTX.
Following Nevada’s suspension notice, the cryptocurrency community, including customers, was warned that Prime Trust had lost its technical payment ability and faced numerous operational challenges.
BitGo has withdrawn its initial offer to acquire the company. Additionally, there are allegations that Prime Trust used customer funds to process cryptocurrency withdrawals. Notably, Prime Trust is said to be operating with a shareholder deficit of $12 million.