{"id":73317,"date":"2023-01-31T12:46:37","date_gmt":"2023-01-31T10:46:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73317"},"modified":"2025-09-09T13:29:17","modified_gmt":"2025-09-09T10:29:17","slug":"media-reports-indicate-prime-trust-cuts-a-third-of-its-staff","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-reports-indicate-prime-trust-cuts-a-third-of-its-staff\/","title":{"rendered":"Media reports indicate Prime Trust cuts a third of its staff"},"content":{"rendered":"<p>The infrastructure-focused crypto company Prime Trust laid off a third of its staff. <a href=\"https:\/\/www.coindesk.com\/business\/2023\/01\/30\/crypto-services-company-prime-trust-lays-off-one-third-of-staff\/\">CoinDesk<\/a> reported.<\/p>\n<p>The staff reductions mainly hit its communications and compliance departments.<\/p>\n<p>The company attributed the move to cost-cutting. However, the outlet noted that the layoffs occurred amid problems with Prime Trust&#8217;s business.<\/p>\n<p>The firm announced a halt to operations in Texas by January 31 and withdrew its application for a money-transmitter licence in the state. The company declined to comment.<\/p>\n<p>In 2022, the local regulator fined Prime Trust $30,000 for activity without approval.<\/p>\n<p>In August the company became embroiled in a legal dispute with <a href=\"https:\/\/forklog.news\/celsius-podala-zayavlenie-o-bankrotstve\/\">the bankrupt<\/a> crypto-lending platform Celsius Network. The latter demanded<a href=\"https:\/\/forklog.com\/en\/news\/celsius-files-lawsuits-against-defi-contractor-keyfi-and-crypto-custodian-prime-trust\">return approximately $17 million<\/a> in digital tokens.<\/p>\n<p>In October Prime Trust pledged <a href=\"https:\/\/forklog.com\/en\/news\/crypto-custodian-prime-trust-to-return-17-million-in-tokens-to-celsius-network\">to meet the requirements<\/a>.<\/p>\n<p>Back in June, the company <a href=\"https:\/\/forklog.com\/en\/news\/prime-trust-raises-107-million-to-expand-crypto-custody-business\">attracted $107 million<\/a> to develop its business, despite a bear market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The infrastructure-focused crypto company Prime Trust laid off a third of its staff. CoinDesk reported.<\/p>\n","protected":false},"author":1,"featured_media":73318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,2226],"class_list":["post-73317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-prime-trust"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73317"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73317\/revisions"}],"predecessor-version":[{"id":73319,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73317\/revisions\/73319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73318"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}