The Nevada Division of Financial Institutions has filed a lawsuit to take over and freeze the businesses of cryptocurrency custodian Prime Trust.
The regulator alleges that the company owes its customers about $85 million in fiat currencies and $69.5 million in crypto-assets. Meanwhile, it has $3 million in fiat and $68.6 million in cryptocurrency on its balance sheets.
The application asks the court to ban Prime Trust, as well as its directors, shareholders and others, from disposing of the assets or entering into any transactions.
