Prime Core Technologies, the parent company of crypto custodian Prime Trust, reported losing approximately $8 million in client and treasury funds through investments in TerraUSD, contributing to its bankruptcy filing.
Popular crypto betting platform Stake lost around $40 million in unauthorized transactions, with $16 million leaving the platform in Ethereum, Tether, USD Coin, and DAI, and an additional $25 million drained on Binance Smart Chain and Polygon, according to blockchain security experts.
Prime Trust, a crypto custody firm that filed for bankruptcy in August, has notified its employees of possible layoffs within the next two months, following previous deep cuts to its workforce. The exact percentage of workers affected is unknown, and it remains uncertain if the potential job losses were previously reported. Bids for Prime Trust's assets are due in October, and the transaction may occur within the 60-day period indicated in the layoff notice.
