Bankruptcy filings from Celsius and Voyager have raised questions about what happens to investors' crypto when a platform fails.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Crypto service provider Prime Trust agreed Thursday to return $17 million from crypto lending platform Celsius that was allegedly withheld just as digital currencies hit their first bottom last year.
Prime Trust, which offers custodial services for digital assets, held $119 million of Celsius' assets when the two terminated their contract in June 2021, according to the lawsuit Celsius filed against Prime Trust in August. Prime Trust "refused to fulfill its obligation" by transferring the $17 million in crypto assets when the contract was dissolved, Celsius said.
Bitcoin seesawed last year, hitting a record in April 2021 of $63,000 before losing almost half of its value by July. It resurged to a fresh record of over $64,000 in November and is now trading at around $19,000.
Celsius filed for Chapter...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...