Prime Trust's parent company previously lost $8 million due to its investment in TerraUSD, which was one of the reasons for its bankruptcy filing

ChainCatcher news, Prime Trust's parent company Prime Core Technologies reported that the company lost $6 million of client funds and $2 million of financial funds due to its investment in TerraUSD. This investment, along with increased expenditures in October and November 2022, is one of the reasons for its bankruptcy filing.

Previous report, Prime Trust has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in the Delaware bankruptcy court and appointed John Guedry as the company's custodian, who will continue to manage its business as a debtor in possession under the supervision and guidance of a special committee.