
Nevada regulators halted Fortress Trust, now Elemental Financial Technologies, after severe liquidity shortfalls left the firm owing clients millions more than its held assets.
Nevada’s financial regulator ordered Fortress Trust, rebranded as Elemental Financial Technologies, to cease operations due to severe liquidity shortfalls. The company owes clients approximately $8 million in fiat currency and $4 million in cryptocurrency but holds less than $200,000 in cash and around $1 million in crypto. Ripple had dropped its planned 2023 acquisition following a hacking incident that worsened the company’s financial situation.