Why is Celsius Network suing Prime Trust?

Celsius Network on Tuesday sued crypto custodian Prime Trust in an attempt to claw back $17 million in crypto that the bankrupt lender alleges its former business partner still holds. Filed in federal bankruptcy court, the 54-page suit stems from a dispute over assets tied to Celsius’ yield product customers in Washington state and New York.

What happened to Celsius crypto lending?

The crypto lending firm filed for Chapter 11 bankruptcy protection in July, caught up in a crash in prices of digital currencies. Celsius-which had almost 12 million customers and managed $11 billion in assets as of May-faces a $1.2 billion gap in its balance sheet.

Is Celsius the first crypto company to issue a new token?

Another troubled crypto platform had created digital assets to cover customer losses, but Celsius is likely the first crypto company to try to issue a new token — which must be blessed by a federal judge — to help buy its way out of bankruptcy.

What is cc Prime's lawsuit against CT prime prime prime prime?

Celsius Network on Tuesday sued crypto custodian Prime Trust in an attempt to claw back $17 million in crypto that the bankrupt lender alleges its former business partner still holds. Filed in federal bankruptcy court, the 54-page suit stems from a dispute over assets tied to Celsius’ yield product customers in Washington and New York.