Swan Bitcoin faces nearly $1 billion in lawsuits due to the Prime Trust collapse
According to Decrypt, financial services company Swan Bitcoin has been sued by the PCT Litigation Trust for allegedly using insider information to avoid significant losses during the collapse of Prime Trust in 2023, seeking to recover nearly $1 billion in crypto assets. The lawsuit claims that Swan had knowledge of non-public information on the eve of Prime Trust's bankruptcy and transferred fiat and crypto assets from Prime, avoiding catastrophic losses. The assets that Swan was able to transfer are valued at nearly $1 billion at current prices, including 11,992 bitcoins (approximately $917 million), $22.4 million, $5 million in stablecoins, and 91,444 XRP.
The lawsuit also points out that a "senior executive" of Prime Trust simultaneously served as a paid external consultant for Swan, providing a channel for obtaining insider information. A representative for Swan stated that client assets are held in trust accounts managed by a trust company and should not be pursued by general unsecured creditors.
You may also like
How Much Is Blueface Worth? Latest Net Worth Revealed (2026)
Key Takeaways: Blueface’s net worth in 2026 ranges from $4 million to $7 million, reflecting both his musical…
Crypto Hackers Exploit $17 Billion in a Decade: DefiLlama Insights
Key Takeaways: Private key compromises have led to over $17 billion in crypto thefts across 518 incidents. Secure…
Scammers Target Ships with Crypto Demands in Strait of Hormuz
Key Takeaways: Fraudsters are impersonating Iranian authorities to extort cryptocurrencies from ships stranded in the Strait of Hormuz.…
Philippines SEC Flags dYdX and Six Crypto Platforms as Unauthorized
Key Takeaways: The Philippine SEC has flagged dYdX and six other crypto platforms for unauthorized operations. Promoters of…
BitMEX Chooses Zodia Custody for Secure Off-Exchange Trading
Key Takeaways: BitMEX partners with Zodia Custody for segregated off-exchange trading. The collaboration enhances security and capital efficiency…
Bank of Korea Governor Advocates for CBDCs and Deposit Tokens
Key Takeaways: New Governor Hyun-Song Shin supports CBDCs and tokenized deposits but omits stablecoins from his agenda. The…
Kelp DAO Attacker Transfers $175M in Ether Following Exploit
Key Takeaways: The Kelp DAO exploiter has moved $175 million worth of Ether, part of a larger $290…
Arbitrum freezes $71M of ETH linked to Kelp exploit
Key Takeaways: Arbitrum’s security council froze 30,766 ETH connected to a major Kelp exploit, valued at $71.2 million.…
Singapore’s OCBC Launches Tokenized Gold Fund on Ethereum and Solana
Key Takeaways: OCBC introduces GOLDX, a tokenized physical gold fund, leveraging Ethereum and Solana blockchains. The GOLDX token…
US Senator Seeks Delay for CLARITY Act Senate Markup
Key Takeaways: US Senator Thom Tillis recommends delaying the CLARITY Act markup until May to ensure thorough discussions.…
Code as Free Speech: Crypto Developers and the First Amendment
Key Takeaways: Coin Center advocates that crypto software code should be protected as free speech under the First…
European Banks Collaborate with Fireblocks for MiCA-Compliant Euro Stablecoin
Key Takeaways: A consortium of 12 European banks, led by Qivalis, is set to launch a euro stablecoin…
Coinbase’s x402 Protocol Unveils AI Agent App Marketplace
Key Takeaways: Coinbase’s x402 protocol introduces Agentic.market, offering AI agents access to numerous services without the need for…
56% Spike in Memecoin Trading Volume, Yet Shiba Inu (SHIB) Remains Static With 0 Netflow
Key Takeaways: Recent memecoin market saw a volume increase of 56%, highlighting a shift in investor interest towards…
American Airlines Praises Ripple, Surprising XRP Community
Key Takeaways: American Airlines reports exceptional results from Ripple Treasury usage. Ripple Treasury aids treasury efficiency without needing…
USDT Supply Surges to $188B as Tether Solidifies Stablecoin Dominance
Key Takeaways: Tether’s USDT supply reaches an all-time high of $188 billion, maintaining its dominance in the stablecoin…
North Korea’s $500M DeFi Heist Unveils New Cyber Warfare Tactics
Key Takeaways: North Korean operatives have obtained over $500 million from DeFi platforms in under three weeks. The…
How Crypto Futures Markets Are Fueling ‘Scam Coin’ Insider Schemes
Key Takeaways: RAVE’s market cap skyrocketed to $6.7 billion before plummeting by 95% due to insider control and…
How Much Is Blueface Worth? Latest Net Worth Revealed (2026)
Key Takeaways: Blueface’s net worth in 2026 ranges from $4 million to $7 million, reflecting both his musical…
Crypto Hackers Exploit $17 Billion in a Decade: DefiLlama Insights
Key Takeaways: Private key compromises have led to over $17 billion in crypto thefts across 518 incidents. Secure…
Scammers Target Ships with Crypto Demands in Strait of Hormuz
Key Takeaways: Fraudsters are impersonating Iranian authorities to extort cryptocurrencies from ships stranded in the Strait of Hormuz.…
Philippines SEC Flags dYdX and Six Crypto Platforms as Unauthorized
Key Takeaways: The Philippine SEC has flagged dYdX and six other crypto platforms for unauthorized operations. Promoters of…
BitMEX Chooses Zodia Custody for Secure Off-Exchange Trading
Key Takeaways: BitMEX partners with Zodia Custody for segregated off-exchange trading. The collaboration enhances security and capital efficiency…
Bank of Korea Governor Advocates for CBDCs and Deposit Tokens
Key Takeaways: New Governor Hyun-Song Shin supports CBDCs and tokenized deposits but omits stablecoins from his agenda. The…
