A court filing revealed that troubled digital asset custodian Fortress Trust (recently renamed Elemental Financial Technologies Inc.) is on the verge of bankruptcy, with a serious gap between its assets and liabilities.
Nevada regulators issued a cease-and-desist order to the custodian on October 22, saying that Fortress' current liquidity position was "completely unable to meet customer reimbursement obligations".
Nevada issues cease-and-desist order to crypto custodian Fortress Trust
2025-10-24 00:31:48
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