Overview
- PCT Litigation Trust filed a Delaware bankruptcy suit seeking roughly $970 million from Swan Bitcoin tied to pre‑collapse transfers from Prime Trust.
- The complaint details about 11,994 Bitcoin plus $24.66 million in cash, around $5 million in stablecoins, and 91,144 XRP that it says moved out before Prime Trust failed.
- The trust alleges Swan relied on non‑public warnings from a senior Prime Trust executive who also advised Swan, citing encrypted, auto‑deleting chats with Swan’s CEO before a Nevada regulator meeting.
- The filing says Prime created an internal ledger entry named “PT FBO Swan Customers” on May 25, 2023 to make the assets look like customer funds, and it asks the court to treat the transfers as fraudulent or preferential.
- Swan disputes the claim and says the assets were customer property in individually owned trust accounts that bankruptcy creditors cannot touch, setting up a fight that could influence recoveries for Prime customers and future crypto custody rules.