Celsius Sues Prime Trust Over $17Million in Crypto

Celsius Network has sued crypto custodian Prime Trust in a bid to get back $17 million in crypto that the bankrupt lender alleges Prime Trust still holds.

The suit stems from a dispute over assets tied to Celsius’ yield product customers in Washington and New York.

Prime Trust held those assets and returned $119 million of the sum to Celsius when the two dissolved their agreement in June 2021, Celsius said.

But Celsius claims Prime Trust “has refused to fulfill its obligations to transfer” 398 BTC, 196,268 CEL tokens, 3,740 ETH and 2.2 million USDC which it valued at $17 million.

Prime Trust had canceled its relationship with Celsius in June 2021 over “red flags.”

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