Nevada regulators have issued a cease-and-desist order to crypto custodian Fortress Trust (now known as Elemental Financial Technologies) due to a severe lack of liquidity and its inability to fulfill client withdrawal requests. Court documents show 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)