Celsius Alleges Prime Trust Owes $17M In New Lawsuit 

As it continues to work through its bankruptcy proceedings, Celsius is attempting to regain $17 million in assets it claims it is owed

article-image

Source: Shutterstock

share

key takeaways

  • Bankrupt crypto lender Celsius says Prime Trust returned some, but not all of its assets
  • Prime Trust ended its professional relationship with Celsius in June 2021

As Celsius’ bankruptcy proceedings inch forward, the crypto lender has filed a new lawsuit that aims to regain possession of $17 million of cryptoassets the beleaguered company claims it owns. 

In the complaint, filed in a bankruptcy court for the Southern District of New York Tuesday, Celsius alleged crypto service provider Prime Trust failed to transfer crypto assets now worth $17 million. Prime Trust, among other services, provides digital asset custodial solutions to institutions. 

After working together for one year, Prime Trust ended its relationship with Celsius in June 2021, the complaint says. Prime Trust allegedly transferred around $119 million in cryptocurrency to Celsius, but has “failed and refused to transfer” the remaining funds, according to the complaint. 

Prime Trust opted to remove Celsius from its platform “for a variety of business factors,” the enterprise provider said in a statement in June 2021. 

“We won’t comment beyond that other than to wish Celsius well in its endeavors,” the company added. 

Representatives from Prime Trust and Celsius did not immediately respond to requests for comment. 

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago