According to Odaily Odaily, Bitcoin financial services company Swan Bitcoin (and its operating entity Electric Solidus Inc.) has been named as a defendant in a bankruptcy court in Delaware, USA, with claims approaching $1 billion.
The lawsuit, filed by PCT Litigation Trust, seeks to recover crypto assets linked to the 2023 collapse of Prime Trust. The plaintiff alleges that Swan used "insider, non-public information" to transfer funds ahead of Prime Trust's collapse, thereby averting significant losses.
The lawsuit alleges that Swan transferred approximately 11,992 bitcoins (currently worth about $917 million) and other assets before Prime Trust filed for bankruptcy, in addition to approximately $22.4 million in fiat currency, $5 million in stablecoins, and 91,444 XRP.
The plaintiff also alleged that Swan had connections with a senior executive at Prime Trust who also served as an external advisor to Swan and allegedly provided him with information before regulatory meetings to help him withdraw assets ahead of time.
Swan Bitcoin responded that the assets in question belong to client trust property and should not be used for bankruptcy liquidation, and believes the court will ultimately support its position. (Decrypt)
