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Tweet thread by Cryptadamist:

Ω #PrimeTrust filed for bankruptcy: ➤ $50-100mm assets ➤ 25,000-50,000 creditors ➤ Top 50 creditors alone owed $145mm ➤ Biggest creditor owed $55mm (unsecured) MUCH bigger hole than claimed at first (of course) @petition @intel_jakal @Bitfinexed https://cases.stretto.com/public/X274/12458/PLEADINGS/1245808152380000000027.pdf… Tweeted at 7:26 AM · Aug 15, 2023 2/Ω Three of their other subsidiaries also filed today. ➤ Prime Core Technologies Inc. ➤ Prime IRA, LLC ➤ Prime Digital, LLC https://cases.stretto.com/primetrust/debtor-list/… Tweeted at Aug 15 3/Ω If you're wondering "what is a Prime Trust?" hears a thread. tl;dr #SlugsOfPrimeTrust is another cryptocurrency disaster. Was a major player behind the scenes facilitating the actual USD <=> crypto conversion. Tweeted at Aug 15 4/Ω #PrimeTrust is a true spider web. It provide back end services for *many* smaller players in American crypto. Anthony Pompliano's "stablecoin" #Stably kept its $ there. #LodePay was a weird precious metals/crypto abomination. Tweeted at Aug 15 5/Ω Perhaps most famously #PrimeTrust was the custodian for #Binance's favorite "stablecoin" $TUSD. When PT first publicly announced it had been running a fraudulent scheme for much of the past year (they ran out of money & pretended they didn't) $TUSD said they lost no money. Tweeted at Aug 15 6/Ω 48 of the top 50 #PrimeTrust unsecured creditors had their names redacted but two of the smaller ones did not. Both of them are owed "Trade Debt". ➤ #AllsecTechnologies Limited ➤ #Socure Inc. But who is the $55 million creditor? Tweeted at Aug 15 7/Ω A company called #SeniorComfortCorp. owns 18.52% of the smoking crater that was #PrimeTrust. This might be them on OpenCorporates: https://opencorporates.com/companies/us_co/19971060559… Tweeted at Aug 15 8/Ω How did Mike #Novogriftz's firm @GalaxyDigital weasel their way into getting paid for "helping" with this disaster? Makes me wonder if Galaxy are somehow connected the $55 million creditor. Tweeted at Aug 15 9/Ω Most of #PrimeTrust's assets are in a cryptocurrency i've never heard of called $AUDIO. They have what they claim to be $65 million worth of it. I guess time will tell if their creditors are expecting $AUDIO or actual money. Tweeted at Aug 15 10/Ω One short year ago #PrimeTrust raised an incredible $100 million and moved into the retirement planning industry. Anyone who had a crypto IRA with them is now rekt. Tweeted at Aug 15 11/Ω h/t @nftherder for this gem: Tweeted at Aug 15

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