A bankruptcy court filing showed Prime Core Technologies invested roughly $8 million in TerraUSD and ramped up spending in 2022.
for Prime Trust due to the risk of “irreparable harm” to users, the public and “confidence in the emerging market of cryptocurrency.”A June filing reported Prime Trust owed more than $85 million in fiat and $69.5 million in crypto to its clients. The firm reportedly only held roughly $2.9 million in fiat and $68.6 million in crypto. Nevada’s Financial Institutions Division hadin June to place the firm into receivership based in part on a “substantial deficit between its assets and liabilities.
The collapse of Terra in 2022 was considered by many to be one of the major precipitating events leading to a major crypto market crash. Several firms collapsed or filed for bankruptcy that year, including FTX, BlockFi, Celsius Network and Voyager Digital. Terraform Labs founder is currently serving a four-month prison sentence in Montenegro for using falsified travel documents but could face prosecution in the U.S. and South Korea in the future.
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