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Struggling Crypto Custodian Prime Trust Looks Poised for Potentially Massive Layoffs, Sources Say
Nevada regulators recently ordered the crypto company, which BitGo had planned to buy, to cease operations and noted a shortfall in customer funds.
Prime Trust, the beleaguered crypto custodian recently ordered to cease operations, looks poised to do potentially massive layoffs, according to former employees.
Some have heard up to 75% of jobs could be eliminated. The sources, who requested anonymity, cited what they’ve heard from inside the company.
STORY CONTINUES BELOW
Prime Trust didn’t immediately respond to CoinDesk’s request for comment on the current size of the company’s workforce or the scope of any layoffs.
The company is contending with profound financial and regulatory challenges. A Nevada court recently put the company into receivership after the state ordered Prime Trust to cease all activities amid a shortfall in customer funds and accusations that it used customer funds to meet withdrawal requests. This happened not long after BitGo terminated a deal to buy the company.
Earlier this year, the company slashed its headcount by one-third, sources told CoinDesk.
LinkedIn data shows Prime Trust employs 224 people, but the real number is probably actually smaller, a source told CoinDesk.
Elizabeth Napolitano
Elizabeth Napolitano was a data journalist at CoinDesk, where she reported on topics such as decentralized finance, centralized cryptocurrency exchanges, altcoins, and Web3. She has covered technology and business for NBC News and CBS News. In 2022, she received an ACP national award for breaking news reporting.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
