Cryptocurrency company Prime Trust notifies layoff of more than 60 employees

Sep 20, 2023
According to the Nevada Department of Employment, Training and Rehabilitation, Prime Trust has notified its employees of the possible layoff of 62 employees over the next two months.

It is unknown at this time what percentage of the total workforce will be laid off, as a statement on the company reports that there were a total of 70 employees. Prime Trust had already reduced its staff a few weeks ago. At the same time, the number of previously dismissed specialists also remains unknown.

Recall that in August of this year, Prime Trust filed for bankruptcy. The reason for the collapse of the company was the statement of the regulatory authorities of the state of Nevada that the company was unable to meet the requests of users to withdraw funds. Earlier, it became known that Prime Trust used customer funds to invest in the bankrupt Terra stablecoin.

Under the Worker Adjustment and Retraining Notification Act (WARN), employers are required to inform their employees of mass layoffs or company closures at least 60 days in advance.