According to CoinDesk, Prime Trust, a crypto custody firm, has informed its employees that it may lay off 62 people within the next two months. This news comes just weeks after the company made deep cuts to its workforce and filed for bankruptcy in August. The possible layoffs were disclosed to Nevada's Department of Employment, Training & Rehabilitation (DETR) on September 14th, according to a document from the agency.

It is unclear what percentage of the company's workforce the 62 workers account for, as the company's current headcount is unknown. A bankruptcy filing states that the company had 70 full-time employees and contractors as of August 14th. The extent to which potential job losses cited in CoinDesk’s August 11th story were reflected in this notice is also unclear.

Under the Worker Adjustment and Retraining Notification (WARN) Act, employers must inform their employees of 'mass layoffs' or plant closings at least 60 days in advance of those events. Prime Trust filed for bankruptcy in August, after Nevada regulators alleged the company was unable to meet its customers' withdrawal requests. The company also used customer funds to invest in the failed stablecoin project Terra and engaged in other dubious business practices, according to a court filing. Bids for the company’s assets are due in early to mid-October, and the transaction may close within the 60-day window created by the WARN notice.