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Prime Trust owes its clients approximately $85.7 million in fiat assets alone, but only has $2.9 million in available funds. Meanwhile, the company is missing $861,000 in outstanding cryptocurrency-based debt.
In addition, the court documents allege that Prime Trust lost access to various cryptocurrency wallets in December 2021 and used customers’ fiat currency deposits to purchase new cryptocurrencies to compensate for other customers’ cryptocurrency withdrawals.
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