Nevada Shuts Down Fortress Trust Over Insolvency

Nevada's Financial Institutions Division issued a cease-and-desist order against crypto custodian Fortress Trust citing imminent insolvency with the firm owing customers more than $8 million in fiat currency and $4 million in crypto while holding less than $200,000 in cash and only $1 million in crypto, following a pattern similar to Prime Trust's $80 million collapse and the failed 2023 Ripple acquisition after a $15 million ReTool vendor hack.