According to Decrypt's report, the Bitcoin investment application Swan Bitcoin quickly withdrew all assets from Prime Trust in the weeks leading up to the collapse of Prime Trust. All assets of Swan customers are now held by the cryptocurrency custodian Fortress. However, Fortress's leader Scott Purcell had previously worked for Prime Trust until January 2021.
Many suspect that Swan Bitcoin may be subject to clawback during the bankruptcy process of Prime Trust, despite its withdrawal before the collapse. However, Swan CEO Cory Klippsten claims that this is impossible due to "legal structural precedents." When asked why Swan did not take measures to internally take over asset custody, Klippsten expressed doubts that this approach would raise regulatory issues, as it is expected that regulators will soon force brokers and custodians to separate.
In previous news yesterday, regulatory authorities in Nevada, USA have applied for the takeover of Prime Trust.
Source link: https://bitgaai.com/2023/06/29/waimeiswanbitcoinyishixianchechutuoguanzhiprimetrustdesuoyou/