Prime Trust Sues Swan Bitcoin for $970 Million Asset Recovery

2026-05-18 21:28

Prime Trust's bankruptcy litigation trust has filed a lawsuit against Swan Bitcoin in the Delaware Bankruptcy Court, seeking the recovery of approximately $970 million in Bitcoin, cash, and other digital assets. The lawsuit alleges that Swan withdrew around 12,000 BTC, $24.66 million in cash, approximately $5 million in stablecoins, and some XRP within 90 days before Prime Trust filed for bankruptcy in August 2023. The suit claims Swan acted on knowledge of Prime Trust's financial deterioration to preemptively transfer these assets. Swan Bitcoin has responded, asserting that the assets in question are client trust property and should not be included in the bankruptcy estate.

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