Prime Trust Estate Sues Strike for $29.5M and 1,939 BTC Withdrawals

On May 20, 2026, the Prime Trust estate sued Strike, seeking clawback of $29.5 million and 1,939 BTC withdrawn weeks before the custodian's 2023 collapse. This follows the May 15 filing of a $970 million suit against Swan Bitcoin alleging insider-assisted transfers of 11,994 BTC, $24.66 million cash, $5 million stablecoins and 91,144 XRP days after a May 22, 2023 tip. The PCT Litigation Trust is now targeting multiple former Prime Trust clients, raising precedent risks for crypto custody. Swan disputes the claims, arguing customer assets were held in protected trust accounts. Outcomes could create selling pressure on recovered BTC holdings and heighten scrutiny of custodian relationships.