BlockBeats News, October 24th. According to Bloomberg, on October 22nd, the Nevada regulatory agency issued a cease-and-desist order to the cryptocurrency custody company Fortress Trust (now renamed Elemental Financial Technologies Inc.). Court documents show that the company is currently on the brink of bankruptcy, facing a significant mismatch between assets and liabilities. The regulatory agency explicitly stated in the order that Fortress’s liquidity position is entirely insufficient to meet its customer obligations.
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