Overview
- PCT Litigation Trust filed a case in Delaware Bankruptcy Court seeking to recover nearly $1 billion from Swan Bitcoin tied to assets moved out of failed custodian Prime Trust.
- The complaint centers on about 12,000 Bitcoin plus cash, stablecoins, and XRP that the trust says Swan shifted away before Prime Trust’s collapse.
- Plaintiffs say a senior Prime Trust executive who advised Swan shared non-public updates and that Swan signaled a full business move on May 25, 2023, one day before a key Nevada regulator meeting.
- The trust alleges Swan tried to avoid the 90‑day preference period, a rule that lets estates claw back transfers made shortly before bankruptcy to treat creditors more evenly.
- Swan disputes the claims and says the assets sat in individually owned trust accounts that are not available to general unsecured creditors, setting up a fight over custody terms, timing, and what counts as estate property after Prime Trust’s 2023 shutdown and bankruptcy.