Crypto service provider agrees to return $17 million to Celsius as it reorganizes in bankruptcy

Crypto work supplier Prime Trust agreed Thursday to instrumentality $17 cardinal from crypto lending level Celsius that was allegedly withheld conscionable arsenic integer currencies deed their archetypal bottommost past year.

Prime Trust, which offers custodial services for integer assets, held $119 cardinal of Celsius' assets erstwhile the 2 terminated their declaration successful June 2021, according to the lawsuit Celsius filed against Prime Trust successful August. Prime Trust "refused to fulfill its obligation" by transferring the $17 cardinal successful crypto assets erstwhile the declaration was dissolved, Celsius said.

Bitcoin seesawed past year, hitting a grounds successful April 2021 of $63,000 earlier losing astir fractional of its worth by July. It resurged to a caller grounds of implicit $64,000 successful November and is present trading astatine astir $19,000.

Celsius filed for Chapter 11 bankruptcy extortion successful July.

Prime Trust agreed astatine a proceeding astatine the U.S. Bankruptcy Court for the Southern District of New York connected Thursday to instrumentality the crypto assets to settee the lawsuit. Those assets volition beryllium held successful a abstracted relationship until the tribunal figures retired however to administer Celsius' assets.