With regard to public speculation following Nevada’s petition to place Prime Trust into receivership, Fireblocks would like to clarify that as is made abundantly clear in the petition, no customer loss occurred at Prime Trust as a result of their use of Fireblocks wallets.
According to court filings, Prime Trust was using multiple alternative wallet solutions (i.e. legacy wallets) before becoming a Fireblocks customer in the Summer of 2019.
Pages 5-6 of the petition clearly allege that after Prime Trust became a Fireblocks customer, new management made a decision to deposit Prime Trust’s customer assets in old legacy wallets. Once management moved those assets to the legacy wallets, the customer assets were not recoverable. These legacy wallets are not Fireblocks wallets.
To our knowledge, Prime Trust and any subsequent receiver will have full control of their Fireblocks wallets. These wallets are both operational and recoverable. Fireblocks customers are 100% in control of their own assets with our institutional-grade, direct-custody technology. Please refer to the Fireblocks Direct Custody principles to learn more about our approach to digital asset custody.