In a recent development, Bitgo, the digital asset trust firm, disclosed that it has penned a letter of intent to acquire Prime Trust, a crypto custodian based in Nevada. Should the acquisition proceed, Prime Trust would become an integral part of Bitgo’s network of regulated trust companies.
Bitgo Signs Letter of Intent to Acquire Crypto Custodian Prime Trust Amid Speculative Chatter
Bitgo reports that they have signed a letter indicating their intent to acquire Prime Trust. The announcement follows speculative chatter and multiple rumors on social media that suggest Prime Trust was grappling with financial struggles and potential bankruptcy. Last year, Prime Trust found itself in a legal dispute with the now-defunct crypto lender Celsius after they accused the custodian of failing to return $17 million in crypto assets in August 2022.
In October 2022, Prime Trust consented to return the $17 million and stated that it would transfer the funds to a wallet designated by Celsius. Prior
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