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TechFlow, Oct 24 — According to Bloomberg, on October 22, Nevada regulators issued a cease-and-desist order against cryptocurrency custodian Fortress Trust (now renamed Elemental Financial Technologies Inc.). Court documents show the company is nearing bankruptcy and faces a significant mismatch between its assets and liabilities. Regulators stated in the order that Fortress's liquidity position is "wholly insufficient to meet client obligations."
According to Bloomberg, Nevada regulators issued a cease-and-desist order on October 22 against cryptocurrency custody firm Fortress Trust (now renamed Elemental Financial Technologies Inc.). Court documents show the company is nearing bankruptcy and faces significant mismatches between its assets and liabilities. Regulators explicitly stated in the order that Fortress's liquidity position is "wholly inadequate to meet its obligations to customers."
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