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Swan Bitcoin Sued for Nearly $1B Over Pre-Bankruptcy Transfers From Prime Trust on May 26

GateNews

Enforcement Actions Exchange Risk

2026-05-19 09:14:05

BTC-0.23%

Prime Trust's post-bankruptcy trust filed suit in Delaware bankruptcy court on May 26, 2023, accusing Swan Bitcoin of transferring nearly $1 billion in assets from the custodian days before its August 2023 collapse. The complaint alleges Swan received over $24.6 million in cash, 11,994 Bitcoin (currently worth approximately $923 million), roughly 5 million USDT, and smaller amounts of other digital assets. A Prime Trust senior executive who also served as a paid advisor to Swan allegedly opened encrypted messaging with Swan CEO Cory Klippsten four days before a Nevada regulatory meeting, with messages set to auto-delete every 24 hours. Swan withdrew more than 10,000 Bitcoin the day after that meeting.

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