Prime Trust lost $6 million of client funds and $2 million of its own funds due to investing in Terra.

According to a report from CoinDesk on August 25th, legal documents show that Jor Law, the CEO of cryptocurrency custody firm Prime Trust, has stated that the company lost $6 million in customer funds and $2 million in its own funds in the investment of the Terra algorithmic stablecoin. Additionally, Jor Law mentioned that in January 2021, due to an incorrect instruction, customers were directed to send funds to an inaccessible wallet, resulting in spending $76 million to purchase ETH to fulfill withdrawal requests from users.