Prime Trust Dispute Settled, Fee Examiner Appointed at Celsius Hearing

Oct 21,2022
KingData News: Crypto custodian Prime Trust agreed to return about $17 million to Celsius in crypto to the embattled lender at today's hearing. Prime Trust previously held nearly $120 million in assets for Celsius and returned the majority of those funds when the relationship dissolved, but Celsius sued for the return of the final $17 million that it claimed Prime Trust failed to return. At today's hearing, Prime Trust said it would return the funds to a Celsius wallet pending court approval.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.