Prime Trust delays withdrawals, spooks Binance US, Swan users amid acquisition
Earlier this week, customers of Binance US, Abra, and Swan, which all held bitcoin at custodian Prime Trust, began complaining about delayed withdrawals. By Wednesday, Bitcoin Magazine CEO David Bailey had tweeted, “Major custodian about to declare bankruptcy without last minute bailout. Take your Bitcoin off exchanges, even bitcoin-only platforms.” Naturally, negative rumors about Prime Trust began to swirl. On Thursday morning, during a Twitter Spaces live audio event, Bailey responded to a question about Prime Trust by implying that a major custodian might be trying to raise an emergency $25 million before a June 11 deadline. After naming Prime Trust, the host relayed a question to Bailey: “How much money do they need? Do they need money?” Bailey responded, “ I would pull $25 million by the start of business Monday . It’s possible that the timeline is off.” The host then went on to press Bailey on meetings with investors and the sentiment surrounding a last-minute bailout, to ...