The crypto lender Celsius, which is facing bankruptcy processes currently, is suing Prime Trust over $17 M in cryptos. The trust company provided custody and other services for Celsius. In June 2021, the businesses dissolved their partnership. According to the filing, Prime Trust returned about $119 M worth of crypto, however that wasn't the all.
Related: Court Allowed the Bankrupt Celsius to Mine and Sell Bitcoin
In the filing submitted by Celsius on August 23, the company says they seek the turnover and transfer of assets that are in Prime Trust's maintenance. Celsius claims Prime Trust didn’t meet its obligations to transfer certain Subject Property as requested by the firm. Celsius added they persuaded the Prime Trust to comply with the requirements for several months. Prime Trust blocked Celsius' access to the API that allowed Celsius to view accounts actively.
However, according to information known to Celsius, Prime Trust should return the firm nearly 398 Bitcoin, 196,268 CEL, 3,740 Ether, and 2,261,448 USDC, collectively worth about $17 M at recent prices.