📢 Prime Trust enters Chapter 11 bankruptcy protection! 💼🔒 U.S. cryptocurrency custody firm Prime Trust has filed for Chapter 11 bankruptcy protection, as reported by Cointelegraph. Chapter 11 signifies domestic rehabilitation procedures under U.S. bankruptcy law. In the submitted court documents, Prime Trust revealed debts ranging from $100 million to $500 million to 25,000 to 50,000 creditors, with holdings valued between $50 million and $100 million. The company aims to propose alternatives to the bankruptcy court. This move comes after Prime Trust faced an order to suspend business due to misappropriation of customer funds, leading to court receivership application by Nevada state authorities. Additionally, BitGo withdrew its acquisition deal for Prime Trust in June. A pivotal moment for the crypto custody sector! 🏦📄 #PrimeTrustBankruptcy #CryptoCustodyIndustry #Chapter11Protection