1 year ago
Prime Trust, the beleaguered crypto custodian recently ordered to cease operations, looks poised to bash perchance monolithic layoffs, according to erstwhile employees.
Some person heard up to 75% of jobs could beryllium eliminated. The sources, who requested anonymity, cited what they’ve heard from wrong the company.
Prime Trust didn’t instantly respond to CoinDesk’s petition for remark connected the existent size of the company’s workforce oregon the scope of immoderate layoffs.
The institution is contending with profound fiscal and regulatory challenges. A Nevada tribunal precocious put the institution into receivership aft the authorities ordered Prime Trust to cease each activities amid a shortfall successful lawsuit funds and accusations that it utilized lawsuit funds to conscionable withdrawal requests. This happened not agelong aft BitGo terminated a deal to bargain the company.
Earlier this year, the institution slashed its headcount by one-third, sources told CoinDesk.
LinkedIn data shows Prime Trust employs 224 people, but the existent fig is astir apt really smaller, a root told CoinDesk.
Edited by Nelson Wang and Nick Baker.
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