- Prime Core Technologies, parent company of crypto custodian Prime Trust, suffered a $8 million loss in TerraUSD (UST) investments.
- This investment in the algorithmic stablecoin contributed to the company's financial troubles.
- The loss and increased spending in late 2022 were factors leading to the parent company's Chapter 11 bankruptcy filing in August.
- During the time of filing, Prime Trust owed clients over $85 million in fiat and $69.5 million in crypto.
- The company's assets included around $2.9 million in fiat and $68.6 million in crypto.