Nevada halts operations of crypto custodian Fortress Trust, citing imminent bankruptcy

Bitget App

Trade smarter

Bitget

News

Chaincatcher2025/10/24 01:17

Show original

ChainCatcher reported that Nevada regulators issued a cease and desist order to cryptocurrency custody company Fortress Trust (now renamed Elemental Financial Technologies Inc.) on October 22.

According to court documents, the company is currently on the verge of bankruptcy and faces a significant mismatch between assets and liabilities. Regulators explicitly stated in the order that Fortress's liquidity position is "completely insufficient to meet customer obligations."

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

Trending news

Tom Lee: The Four-Year Cycle Pattern of Bitcoin Has Been Broken

Data: In the past 24 hours, total liquidations across the network reached $260 millions, with long positions liquidated for $118 millions and short positions liquidated for $142 millions.