Prime Trust Loses $8 Million in Failed Investment!

The post Prime Trust Loses $8 Million in Failed Investment! appeared first on Coinpedia Fintech News

Prime Trust a known crypto custodian has reportedly lost $6 million of client funds and $2 million from its own treasury in a failed investment in the terraUSD algorithmic stablecoin. The news is confirmed by the company’s CEO, Jor Law, in a Thursday court filing. It is not yet clear how this loss will impact clients of the Nevada-based firm, which provides custody services for a range of digital assets. Law said the company was working to recover the funds and would keep clients updated on the situation.