Coinbits is another digital asset platform with a relationship with Prime Trust – now insolvent – that finds that some customers cannot access their crypto.
In a series of Tweets, Coinbits shared the news to its followers:
This is thread that we would never have wanted to write. We’ve been posting updates on our website and in email, but we think it’s important to communicate directly to Bitcoin Twitter about what the Prime Trust meltdown means for Coinbits.
— Coinbits | DCA into bitcoin (@CoinbitsApp) June 28, 2023
Coinbits is a Bitcoin-focused platform that allowed trading in the popular digital asset along with other features.
Prime Trust, once one of the most respected Fintech specialists providing custody services, had its services shut down by the State of Nevada, Department of Business and Industry, Financial Institutions Division. The regulator disclosed that Prime Trust had negative equity of over $12 million.
