That’s not good
Discussion
What a shocker who would have guessed that!?
👀
“Prime Trust is ‘operating at a substantial deficit’ or may even be insolvent, the order said.”
Are they still Swans back end?
Nope they migrated to bitgo over the last month
So Strike and Swan both pulled the pin a month before this? Interesting
Toxic maxis smh...
Pretty crazy. It was a good move by them to get away from Prime Trust. Definitely a central point of failure to have so many companies relying on one custodian.
So
Swan AND strike both leave Prime Trust for Bitgo
Bitgo tries to acquire Prime Trust
Bitgo pulls pin on aquisition
Prime Trust gets halted by regulators
Someone knew something
Wow
“BitGo also processes approximately 20% of all global Bitcoin transactions by value.”
Cool cool 
Galaxy Digital 😂
“Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin.”
“BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains.”
Strike does their own custody now. Swan switched to Fortress, which I don’t know much about.
Isn’t Fortress the same dude who started Prime Trust lol
💯
So swan is in bed with this guy I guess 🤷♂️
Yeah who knows what’s going on.
Also I’m sure they all knew something and asked PT to open their books.
I don’t trust custodians as far as I can throw them.
My concern with PT was that so many businesses relied on them. Makes sense if you’re a small shop wanting to service a broad range of users (try doing anything in New York these days without being a billion dollar company)
As long as I can buy and pull on-chain I’m good.
Lol interesting.
