Crypto custodian Prime Trust's parent company loses $8 million in TerraUSD investments, contributes to bankruptcy filing

08/24 21:01

Prime Core Technologies, the parent company of crypto custodian Prime Trust, has reported losing $8 million in client and treasury funds through investments in TerraUSD (UST). The losses were incurred under prior management, with $6 million in client funds and $2 million in treasury funds lost through UST investments. The bankruptcy filing of Prime Trust was attributed to the investment and a ramping up of spending in October and November 2022, as well as the ripple effect of the crypto winter.

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