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

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg

Research

Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.

article-image

The bitcoin halving slated for April 2024 — an event expected to spur upward price action for BTC — could be a boon for Block’s stock price, analysts say

article-image

Seed Club founder Jess Sloss is excited to “open the doors and let other people see what we’ve been seeing for the last few months”

article-image

Blockchain is a “natural fit” in games based on open economies and user-generated content, says Wyatt

article-image

Their current stance is a half-baked attempt that could stifle innovation and burden an emerging industry

article-image

Maker’s DeFi-focused “subDAO” passed a proposal activating a lending market for DAI on the Gnosis Chain

article-image

Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year