Nevada Regulators Issue Cease-and-Desist Order to Crypto Custodian Fortress Trust

Odaily Planet Daily reported that Nevada regulators have issued a "cease and desist order" to the crypto custodian Fortress Trust (now renamed Elemental Financial Technologies) because the company is severely lacking in liquidity and is unable to fulfill customer withdrawal requests.

Court documents reveal that Fortress currently owes clients approximately $8 million in fiat currency and $4 million in crypto assets, with less than $200,000 in cash and approximately $1 million in crypto assets remaining on its books. Notably, Ripple had planned to acquire the company in 2023, but withdrew the deal after it suffered a multi-million dollar hack. (Bloomberg)