Swan Bitcoin faces a nearly $1 billion lawsuit in connection with the collapse of Prime Trust.

CoinFeed reported on May 19th that, according to Decrypt, financial services company Swan Bitcoin is being sued by PCT Litigation Trust for allegedly using insider information to avoid significant losses during the 2023 collapse of Prime Trust, with the lawsuit seeking nearly $1 billion in cryptocurrency assets. The lawsuit alleges that Swan had access to non-public information shortly before Prime Trust filed for bankruptcy, allowing it to transfer fiat currency and cryptocurrency assets from Prime, thus preventing catastrophic losses. The assets Swan was able to transfer are estimated to be worth nearly $1 billion at current prices, including 11,992 bitcoins (approximately $917 million), $22.4 million, $5 million in stablecoins, and 91,444 XRP.