Crypto Custodian Prime Trust Warns It May Lay Off 62 Employees, Nevada Records Show

It is unclear what percentage of the company's workforce the 62 workers account for as the company's current headcount is unknown. It’s also not clear the degree to which potential job losses cited in CoinDesk’s Aug. 11 story were reflected in this notice.Under the Worker Adjustment and Retraining Notification Act, employers must inform their employees of"mass layoffs" or plant closings at least 60 days in advance of those events.

Prime Trust filed for bankruptcy in August, roughly two months after Nevada regulators alleged the company was unable to meet its customers' withdrawal requests. The company also used customer funds to invest in failed stablecoin project Terra, in addition to engaging in other dubious business practices, a court filing shows.filed last week, and the transaction may close within the 60-day window created by the WARN notice.

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