According to Cointelegraph, crypto custody service provider Prime Trust has filed for Chapter 11 bankruptcy in Delaware due to a shortage of customer funds. The company stated in its application on August 15 that its number of creditors is between 25,000 and 50,000, its estimated liabilities are between $100 million and $500 million, and its estimated asset value is between $50 million and $100 million. Prime Trust stated that initiating Chapter 11 bankruptcy will provide a transparent and value-maximizing process for the company's customers and stakeholders. Entities applying for Chapter 11 bankruptcy protection include Prime Core Technologies Inc., Prime Trust LLC, Prime IRA LLC, and Prime Digital LLC.