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Prime Trust Ordered into Receivership and OpenSea Halts Trading of Ether.Fi NFTs

Jul 19, 2023
Author
JB DeGroft
JB DeGroft
Market Update Crypto markets are up today, with majors rising slightly and altcoins showing the highest returns. $BTC continues to hover around the $30k level, trading at $29.9K and up 0.44% at the time of writing. $ETH has risen 0.22%, trading at 1.9k. Altcoins are a mixed bag today, with some of them declining and others up significantly. One of the standouts is Ethereum Layer 2 Optimism ($OP), which has risen 11.04% ahead of Etheruem's EIP-4844 upgrade, which is set for sometime in the second half of 2023 or the beginning of 2024. This upgrade will significantly lower fees on Ethereum Layer 2's, such as Optimism and Arbitrum. $SOL has also performed relatively well today, up 4.1%. The dollar (DXY) has started to bounce, up 0.36%, after declining sharply over the past two weeks. Traditional markets are flat - SPX is up 0.24%, and NDQ is down 0.09%. Crypto custodian Prime Trust has been ordered into receivership by the District Court of Nevada due to a significant shortfall in customer funds and allegations of misusing client money. John Guedry, president of Bank of Nevada, will take over the company's operations. This action comes after the Nevada regulator filed to take control of Prime Trust and freeze its operations in June, alleging the firm was nearing insolvency. This

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