Prime Trust subsidiary files for bankruptcy in the US
Banq, a subsidiary of the Nevada-based crypto custodian Prime Trust, has filed for bankruptcy in a US bankruptcy court in Nevada, shortly after BitGo signed a letter of intent to purchase Prime Trust’s parent company. Banq files for bankruptcy with $5 million in liabilities Banq filed for Chapter 11 bankruptcy in the U.S. bankruptcy court in the district of Nevada, with the filing stating that the firm has around $17.72 million in assets and liabilities worth over $5.4 million. The bankruptcy filing also noted that $17.5 million worth of assets were sent to Fortress NFT Group founded by three of Banq’s former top executives including the firm’s founder Scott Purcell, in an “unauthorized transfer.” You might also like: Distressed Bittrex to borrow bitcoin to fuel bankruptcy proceedings Banq previously filed a lawsuit against Purcell, Prime Trust’s former chief legal officer George Georgiades, another ex-Prime Trus...