**[Nevada Orders Fortress Trust to Cease Operations, Asset Shortfall Triggers Bankruptcy Crisis]** On October 22, the Nevada Financial Institutions Division issued a cease-and-desist order to the crypto custody firm Fortress Trust (now renamed Elemental Financial Technologies) due to severe liquidity issues that rendered the company unable to meet customer withdrawal demands. According to disclosed documents, Fortress Trust currently owes customers approximately $8 million in fiat currency and $4 million in crypto assets, while its assets consist of less than $200,000 in cash and around $1 million in cryptocurrency. The company failed to complete fund reconciliation and has not submitted financial statements for the period from July to September. Current CEO Anthony Botticella stated that upon taking over, he discovered the company was in a financial crisis due to previous management errors. Notably, the company had previously faced a hacking incident that led Ripple to terminate its acquisition plans and had its money transmitter license revoked in Maine due to compliance issues.