Swan Bitcoin faces $1B lawsuit over Prime Trust collapse

Bitcoin financial services firm Swan Bitcoin is facing a lawsuit seeking the return of approximately $1 billion in assets related to the 2023 collapse of Prime Trust, Decrypt reported. The suit, filed by PCT Litigation Trust, alleges that Swan used non-public internal information to preemptively move its assets just before the bankruptcy to avoid losses. The assets sought for return include approximately 12,000 BTC, stablecoins, and XRP.