Nevada halts the operations of cryptocurrency custodian Fortress Trust, citing its impending bankruptcy

ChainCatcher news, on October 22, Nevada regulators issued a cease-and-desist order against the cryptocurrency custody company Fortress Trust (now renamed Elemental Financial Technologies Inc.).

According to court documents, the company is currently on the brink of bankruptcy, facing a significant mismatch between assets and liabilities. The regulators explicitly stated in the order that Fortress's liquidity situation is "completely insufficient to meet customer obligations."