Prime Trust aka Crime Plus $84M Losses Published (Patreon)

Remember this was the custodian for Swan and I believe Swan knew of the losses even before Celsius debacle.  iTrustCapital was one of the companies affected by Prime Trust losses. 

I wish Swan and iTrust would come out and be transparent about their exposure. 

PS Fortress Trust is the new Prime Trust with the same mgt. 

Here are the numbers

• Prime Trust's investment in TerraUSD (USTC) stablecoin resulted in $6 million loss of client funds and $2 million loss of treasury funds.
• The "crypto winter" of summer 2022 led to reduced revenues, with October 2022 showing net losses of $7.4 million and November 2022 with net losses of $8.4 million.
• Prime Trust purchased $76.4 million worth of Ethereum (ETH) to cover customer withdrawal requests due to lost access to certain funds.
• Prime Trust's wind-down began earlier in the summer, with regulators requesting receivership on June 27 and courts ordering receivership on July 18.
• Prime Trust filed for bankruptcy on August 14 with $82.8 million in fiat deficits and $861,000 in cryptocurrency deficits.