In an Aug. 24 filing with the United States Bankruptcy Court for the District of Delaware, Prime Core Technologies reported that “under prior management” the firm had lost $6 million in client funds and $2 million in treasury funds through TerraUSD (USTC) investments, presumably when the algorithmic stablecoin collapsed in May 2022. The company described the investment as well as a ramping up of spending in October and November 2022 as contributing to its bankruptcy filing.
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Source: Cryptocurrency - investing.com
