According to Foresight News, CoinDesk cited internal company sources as saying that the cryptocurrency custodian Prime Trust appears to be preparing for large-scale layoffs or eliminating up to 75% of jobs. As previously reported, on July 19, according to The Block, a U.S. District Court judge in Nevada approved placing the cryptocurrency custodian Prime Trust under bankruptcy management by state regulators, and the company's business will be taken over by John Guedry, president of the Bank of Nevada.