Prime Trust Consents Returning $17M to Celsius
On Thursday, Prime Trust (a provider of crypto services) consented that it would return an amount of up to $17M from Celsius (the crypto lending venue). This sum was supposedly withheld at the time when the digital currencies witnessed their initial bottom in 2021. Prime Trust, the platform which provides custodial services in the case of digital assets, kept a $119M volume of the assets belonging to Celsius when the 2 platforms dismissed their deal in June previous year, as per the legal case filed on the behalf of Celsius in August against Prime Trust.
Prime Trust Confirms to Give Back $17M to Celsius
previously, Prime Trust denied fulfilling the obligation thereof by transacting the respective amount in cryptocurrency at the moment of the contract’s termination, according to Celsius. In 2021, Bitcoin went through some hard times, it witnessed a record sum of up to $63,000 in the previous year’s April in advance of being deprived of nearly fifty percent of the value thereof by July of the same year.
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After some months, in November, it again went up to a new record value of $64,000 however the present mark where it is placed now is almost $19,000. In July, the platform submitted a filing for bankruptcy protection. On Thursday, while attending a hearing conducted by the U.S. Bankruptcy Court for the Southern District of New York, Prime Trust agreed that it would return the withheld amount to the beleaguered crypto lender to get the lawsuit settled.
JPMorgan Appoints Celsius’ Former Exec Jamie Iovine
The respective assets would be kept in an exclusive account till the method of their distribution to Celsius is figured out by the court. Recently, Aaron Iovine (the former executive from Celsius) has been appointed by JPMorgan Chase as the platform’s director of the regulatory policy dealing with digital assets, the LinkedIn profile of Iovine mentioned. Iovine played his role until he left the firm in September following the downfall of Celsius.
Nonetheless, that does not count as the sole reason for JPMorgan to hire him as Jamie Dimon (the CEO of the platform) has formerly categorized crypto as a scam and that sentiment was repeated by him when he testified while in congressional hearings in the previous month. In this respect, Celsius and Alex Mashinsky (its previous CEO) are reportedly targeted in investigations conducted by nearly forty states on if they had carried out a Ponzi scheme. Nevertheless, it does not seem that Iovine was a part of such activities.
