According to Decrypt reports, 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 custody institution Fortress, although Fortress 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 stated that he believed this approach would raise regulatory issues, as he expected regulators to soon force the separation of brokerage and custody.
Yesterday, it was reported that regulatory authorities in Nevada, USA, have applied to take over Prime Trust.
Original link: https://bitgaai.com/2023/06/29/waimeiswanbitcoinyishixianchechutuoguanzhiprimetrustdesuoyou/