The Loss of Prime Trust: A Cautionary Tale of TerraUSD Investments
Prime Core Technologies, the parent company of crypto custodian Prime Trust, has reported a loss of approximately $8 million in client and treasury funds through investments in TerraUSD (UST). Under prior management, the firm lost $6 million in client funds and $2 million in treasury funds when the algorithmic stablecoin collapsed in May 2022. This significant loss, along with increased spending, led to the bankruptcy filing of Prime Trust. Despite the company attributing the impact to the wider crypto market downturn, it acknowledges the ripple effect caused by the crypto winter.
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