Custodian firm Prime Trust has agreed to transfer $17M worth of crypto assets to Celsius.
Between 2020 and mid-2021, Prime Trust was responsible for providing custodial solutions to Celsius' Washington and New York-based clients.
However, in June 2021, Prime Trust dissolved its contract with Celsius. The firm refused to provide a reason for terminating the contract, with many claiming it did so after finding “red flags” in Celsius’ crypto lending practices.
Last month, Celsius filed a complaint against Prime Trust for failing to return assets amounting to $17M.
Celsius’ court filings claimed that the sum owed to the bankrupt lender comprised 398 BTC, 196K CEL, 3.74K ETH, and 2.2M USDC. Celsius alleged that Prime Trust “refused to fulfill its obligation” by improperly withholding its tokens.
Prime Trust has now settled the dispute by agreeing to send tokens worth $17M to Celsius’ wallet. Celsius will await the Court’s decisions on how the funds will be distributed.
Custodian firm Prime Trust has agreed to transfer $17M worth of crypto assets to Celsius.
Between 2020 and mid-2021, Prime Trust was responsible for providing custodial solutions to Celsius' Washington and New York-based clients.
However, in June 2021, Prime Trust dissolved its contract with Celsius. The firm refused to provide a reason for terminating the contract, with many claiming it did so after finding “red flags” in Celsius’ crypto lending practices.
Last month, Celsius filed a complaint against Prime Trust for failing to return assets amounting to $17M.
Celsius’ court filings claimed that the sum owed to the bankrupt lender comprised 398 BTC, 196K CEL, 3.74K ETH, and 2.2M USDC. Celsius alleged that Prime Trust “refused to fulfill its obligation” by improperly withholding its tokens.
Prime Trust has now settled the dispute by agreeing to send tokens worth $17M to Celsius’ wallet. Celsius will await the Court’s decisions on how the funds will be distributed.
