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Bankrupt Crypto Lender Celsius Sues Prime Trust Over $17M in Tokens
The dispute stems from a trove of assets held by Prime Trust for Celsius customers in New York and Washington state.
Ni Danny Nelson
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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. Prime Trust held those assets and returned $119 million of the sum to Celsius when the two dissolved their agreement in June 2021, Celsius said.
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Read more: Custodian Prime Trust Cuts Ties With Crypto Lender Celsius
But Celsius, which recently filed for bankruptcy protection and owes its creditors billions of dollars, said Prime Trust “has refused to fulfill its obligations to transfer” 398 BTC, 196,268 CEL tokens, 3,740 ETH and 2.2 million USDC that it valued at $17 million.
“Upon the commencement of these bankruptcy proceedings, Prime Trust was obligated under the Bankruptcy Code to deliver all property belonging to Celsius that is in Prime Trust's possession to Celsius, including these remaining crypto assets, and should be ordered to turn them over now pursuant to section 542 of the Bankruptcy Code,” Celsius argued in the filing.
Prime Trust canceled its relationship with Celsius in June 2021 over “red flags,” CoinDesk reported at the time. Prime Trust did not immediately return a request for comment Tuesday.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.
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- Stablecoins processed more than $35 trillion in transactions last year, but only about 1% of that reflected real-world payments, a report by McKinsey and Artemis Analytics found.
- The study estimated that roughly $390 billion in genuine stablecoin payments, such as vendor payments, payrolls, remittances and capital markets settlements.
- Despite rapid growth and increasing interest from traditional payment firms like Visa and Stripe, true stablecoin payments still account for just a tiny fraction of the more than $2 quadrillion global payments market, the report said.
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