Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big

picture power shifts remaking our world. What's going on guys? It is Friday, June 30th, and we are finally back in the saddle.

Today, we are recapping the Prime Trust saga and more.

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All right, friends, hello again. I hope you have had a good week. And I hope that many of you

who tried out the Bitcoin Builders episodes, the Summer Startup Special, enjoyed them.

If you did, let me know on Twitter or in the Discord, I would love to hear from you.

Now, obviously, having not recorded a show for a few days, we have a lot to catch up on,

and today we're going to focus first on Prime Trust. This is a story that has been percolating

for some time, but which really came to a head this week. So, on Tuesday, the Nevada

Financial Institutions Division, or FID, filed to place

prime trust into receivership. If approved, a regulator-approved receiver would take over operations at

the crypto-custodian, and current business would be frozen while an audit is conducted.

Now, this comes after last Thursday, Bickgo walked away from its planned acquisition of Prime Trust.

Later that day, the Nevada FID ordered Prime Trust to cease operations, stating that the

custodian had a, quote, shortfall in customer funds. They said that it had been unable to

meet redemption request and was, quote, operating at a substantial deficit or might already be

insolvent. Now, by way of background, Prime Trust has been

a key firm in the U.S. crypto industry since 2016, providing custodial and money transmission

...