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Nevada Orders Custodian Prime Trust To End Operations

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Nevada Orders Custodian Prime Trust To End Operations

Nevada regulators ordered Prime Trust to end operations on Thursday, after the cryptocurrency custodian was unable to satisfy customer withdrawal requests. The decision was announced just hours after rival BitGo announced it was abandoning a takeover of the company.

The state’s Department of Business and Industry said in an order posted on its website that Prime Trust’s financial condition “has considerably deteriorated to a critically deficient level” and that the company was unable to honor withdrawal requests “due to a shortfall of customer funds.” The agency added that Prime Trust “has materially and willfully breached its fiduciary duties to tis customers by failing to safeguard assets under its custody.”

Earlier in the day, BitGo said in a Twitter posting that after considerable effort and work to find a path forward,” the company“has made the hard decision to terminate its acquisition of Prime Trust.”

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The takeover, terms of which had not been disclosed, would have given BitGo access to Prime Trust’s banking connections and wealth-management offerings, including a system for U.S. individual retirement accounts to invest in cryptocurrencies Prime Trust raised $107 million of capital in June 2022 at an undisclosed valuation, and has faced numerous challenges in the last eight months. In November, it replaced CEO Tom Pageler and laid off around a third of its staff in January days after ceasing operations in Texas. Its payments subsidiary, Banq, filed for bankruptcy protection last week. The potential BitGo acquisition was announced in early June.

Prime Trust did not respond to Forbes’ request for comment by publication time.

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Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation

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Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation
A groundbreaking transatlantic initiative is fueling institutional blockchain adoption, spotlighting stablecoins, tokenized assets, regulatory alignment, and cross-border finance, with Ripple positioned to shape global standards and accelerate digital growth.
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Texas brothers charged in cryptocurrency kidnapping, robbery in MN

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Texas brothers charged in cryptocurrency kidnapping, robbery in MN

A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency. 

Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.

The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.

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Home invasion and cryptocurrency theft

The backstory:

According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home. 

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The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them. 

Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint. 

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Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.

According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”

The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege. 

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Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.

Brothers arrested in Texas 

The investigation:

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According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas. 

Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota. 

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At the time the criminal complaints were filed, both men were in custody in Texas. 

The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint. 

Crime and Public SafetyWashington CountyTexas
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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….

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