Prime Trust parent company lost $8M investing in TerraUSD

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.

cointelegraph.com

Relevant topic timeline:

8/25/2023

Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says

Crypto custodian Prime Trust lost $6 million in client funds and $2 million from its own treasury due to a failed investment in a stablecoin, adding to a series of mismanagement allegations in the crypto sector.

9/19/2023

Crypto custody firm Prime Trust lays off 62 more employees amid bankruptcy

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.