Nevada seeks receivership for crypto custodian Prime Trust.

Nevada's Financial Institutions Division has filed to take over crypto custodian Prime Trust and freeze all of its businesses, following a cease-and-desist order alleging the company was near insolvency. Prime Trust owes its clients over $85 million in fiat and $69.5 million in crypto, and is operating with a $12 million equity deficit. The filing asks for a court to ban Prime Trust and its officers from disposing of any assets or conducting any transactions. The company's board and interim CEO have signed off on the petition. Fireblocks, which manages Prime Trust's crypto assets, said no funds held by it are in limbo.