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Crypto Custodian Prime Trust Agrees to Return $17M in Tokens to Bankrupt Lender Celsius
The assets will be sent to a designated Celsius wallet, and will await court orders about how they should be distributed.
Crypto custodian Prime Trust agreed to return roughly $17 million in tokens to crypto lender Celsius Network in a bankruptcy court hearing on Thursday.
Celsius had sued Prime Trust in August, alleging that Prime Trust had improperly withheld the tokens when the two terminated their contract in June 2021. The assets, made up of 398 BTC, 196,268 CEL tokens, 3,740 ETH and 2.2 million USDC valued at roughly $17 million, were tied to Celsius’ yield product customers in Washington State and New York. Prime Trust held $119 million of Celsius’ assets at the time the contract was ended.
STORY CONTINUES BELOW
Celsius filed for Chapter 11 bankruptcy protection in July.
The assets will be sent to a designated Celsius wallet, Prime Trust said Thursday. Next come orders from the court about how the money should be distributed.
Read more: Prime Trust Raises $107M With Eyes on Crypto IRA, Tokenized Asset Products
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
