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

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

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

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member