Prime Trust

Prime Trust was a Nevada-chartered trust company and crypto infrastructure provider founded in 2016 by Scott Purcell, headquartered in Las Vegas, offering custody, payments, settlement and compliance rails that powered many crypto exchanges, fintechs and token platforms. In 2023 regulators found a severe shortfall in customer funds, with the Nevada Financial Institutions Division reporting tens of millions of dollars in missing fiat obligations against minimal reserves; the company had also taken losses, including an investment tied to the collapsed TerraUSD stablecoin. Rival custodian BitGo signed a letter of intent to acquire Prime Trust in June 2023 but backed out roughly two weeks later. Nevada regulators took control of Prime Trust and placed it into receivership in June 2023, and the company filed for Chapter 11 bankruptcy in August 2023, ceasing operations.