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Swan Bitcoin faces $970M lawsuit over Prime Trust collapse – TON BOT

Swan Bitcoin faces $970M lawsuit over Prime Trust collapse

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Swan Bitcoin is facing a $970 million lawsuit from the PCT Litigation Trust over transfers made before the bankruptcy of crypto custodian Prime Trust in 2023. The lawsuit alleges that Swan moved Bitcoin, cash, stablecoins, and XRP out of Prime Trust before its bankruptcy filing, using insider information to avoid losses. Swan disputes the claims, stating that customer assets held in trust cannot be used to repay general creditors. The court will need to determine the ownership of the assets in question. This case adds to the fallout from Prime Trust’s collapse and raises questions about crypto custody controls and trust account treatment.

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