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Prime Trust powers innovation in the digital economy by providing financial infrastructure to fintech and digital asset innovators. Their API platform and plug-and-play widgets enable companies to build, launch, and scale securely. The Company offers token and FIAT custody, funds processing, anti-money laundering and know your customer compliance, as well as transaction technology services.
Dormant Bitcoin Wallet Moves $3.2 Million in BTC After 15 Years
Odaily News – A long-dormant Bitcoin wallet moved nearly 50 BTC, worth approximately $3.2 million, on Thursday. The wallet received 49.97 BTC back in 2011, when Bitcoin was trading at around $10 per coin. The BTC was sent to a SegWit address that has previously transferred Bitcoin to institutional broker FalconX and received funds from wallets linked to Nexo and Prime Trust. The newly transferred BTC has not left this address. The transfer comes amid long-term holders rechecking their old storage setups following a major vulnerability exploit in Coldcard hardware wallets. There is currently no evidence linking the 2011 wallet to this vulnerability.
Swan Bitcoin faces nearly $1 billion lawsuit over Prime Trust collapse, accused of using insider information to transfer assets early
: Bitcoin financial services company Swan Bitcoin (along with its operating entity Electric Solidus Inc. named as defendants) is facing a lawsuit filed in the U.S. Bankruptcy Court for the District of Delaware, with claims approaching $1 billion.The lawsuit was filed by PCT Litigation Trust, aiming to recover crypto assets related to the 2023 collapse of Prime Trust. The plaintiff accuses Swan of using "material non-public information" to transfer funds out of Prime Trust before its failure, thereby avoiding significant losses.According to the court filing, Swan had transferred assets including approximately 11,992 Bitcoin (currently valued at around $917 million) out of Prime Trust before it filed for bankruptcy, along with roughly $22.4 million in fiat currency, $5 million in stablecoins, and 91,444 XRP tokens.The plaintiff also alleges that Swan had ties to a senior executive at Prime Trust, who also served as an external consultant for Swan. This individual is suspected of providing Swan with information prior to regulatory meetings, thereby helping the company withdraw its assets early.Swan Bitcoin responded, stating that the relevant assets belong to client trust property and should not be used for bankruptcy liquidation, expressing confidence that the court will ultimately support its position. (Decrypt)
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Dormant Bitcoin Wallet Moves $3.2 Million in BTC After 15 Years
Odaily News – A long-dormant Bitcoin wallet moved nearly 50 BTC, worth approximately $3.2 million, on Thursday. The wallet received 49.97 BTC back in 2011, when Bitcoin was trading at around $10 per coin. The BTC was sent to a SegWit address that has previously transferred Bitcoin to institutional broker FalconX and received funds from wallets linked to Nexo and Prime Trust. The newly transferred BTC has not left this address. The transfer comes amid long-term holders rechecking their old storage setups following a major vulnerability exploit in Coldcard hardware wallets. There is currently no evidence linking the 2011 wallet to this vulnerability.
Swan Bitcoin faces nearly $1 billion lawsuit over Prime Trust collapse, accused of using insider information to transfer assets early
: Bitcoin financial services company Swan Bitcoin (along with its operating entity Electric Solidus Inc. named as defendants) is facing a lawsuit filed in the U.S. Bankruptcy Court for the District of Delaware, with claims approaching $1 billion.The lawsuit was filed by PCT Litigation Trust, aiming to recover crypto assets related to the 2023 collapse of Prime Trust. The plaintiff accuses Swan of using "material non-public information" to transfer funds out of Prime Trust before its failure, thereby avoiding significant losses.According to the court filing, Swan had transferred assets including approximately 11,992 Bitcoin (currently valued at around $917 million) out of Prime Trust before it filed for bankruptcy, along with roughly $22.4 million in fiat currency, $5 million in stablecoins, and 91,444 XRP tokens.The plaintiff also alleges that Swan had ties to a senior executive at Prime Trust, who also served as an external consultant for Swan. This individual is suspected of providing Swan with information prior to regulatory meetings, thereby helping the company withdraw its assets early.Swan Bitcoin responded, stating that the relevant assets belong to client trust property and should not be used for bankruptcy liquidation, expressing confidence that the court will ultimately support its position. (Decrypt)