Prime Trust Returns $17M Tokens to Bankrupt Lender Celsius

The assets will be deposited to a designated Celsius wallet, where they will remain for court rulings regarding their distribution.

During a Thursday bankruptcy court hearing, Prime Trust agreed to refund almost $17 million in tokens to crypto lender Celsius Network.

Celsius has filed a lawsuit against Prime Trust in August, saying that Prime Trust wrongfully withheld the tokens when the parties' contract was ended in June 2021.

The assets, consisting of 398 BTC, 196,268 CEL tokens, 3,740 ETH, and 2.2 million USDC, were related to Washington State and New York yield product customers of Celsius. Prime Trust owned $119 million worth of Celsius' assets when the contract expired.

In July, Celsius filed Chapter 11 bankruptcy protection.

Prime Trust announced Thursday that the assets will be delivered to a specific Celsius wallet. The court then issues orders regarding how the money should be allocated.

By fLEXI tEAM