Banq, a subsidiary of cryptocurrency custodian Prime Trust, has filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada. In the bankruptcy filing, the company listed approximately $17.72 million in assets and $5.4 million in liabilities.
The company also noted in its filing that its former executives transferred $17.5 million in assets to the Fortress NFT Group in an “unauthorized transfer,” including trade secrets and proprietary information and technology. Banq has sued Fortress for allegedly stealing trade secret information to launch rival NFT platforms Fortress NFT and Planet NFT, and it further accused them of engaging in fraudulent activities to cover up their misconduct. Digital asset management platform Haru Invest has also suspended operations due to difficulties with an unnamed service provider, believed to be Banq or Prime Trust. (CoinDesk)