PRIME TRUST LITIGATION SUES SWAN BITCOIN
Prime Trust’s litigation trust has sued Swan over pre-bankruptcy transfers totaling roughly 12,000 BTC, plus cash and stablecoins.
At current BTC prices, the assets in dispute would be worth close to $970 million, though the filing does not explicitly seek a fixed dollar amount.
"Swan—unlike most of Prime’s customers—did not suffer significant losses because Swan had insider, non-public information," the complaint alleges.
Swan used Prime Trust as a custodian for its retail exchange business, before Prime Trust suffered a catastrophic loss of funds, leading to receivership in the State of Nevada in 2023.
Prime Trust is demanding the return of funds transferred as part of its Chapter 11 process. Swan has yet to respond in court.
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Every year, this has to be the one report I look forward to the most: the Democracy Perception Index, compiled by the Alliance of Democracies Foundation (in partnership with Nita Data).
In fact, my yearly thread on the report is apparently such a tradition that, this year, its lead researcher personally sent me the report with this message: "every year, I look forward to your thread about it!". That's how you start wondering whether you tweet too much 😅
Why do I like this report so much? A few reasons:
1) The Alliance of Democracies Foundation, the organization behind the report, cannot even remotely be suspected of being some sort of anti-West outlet: it was started by an ex-NATO Secretary General (Anders Fogh Rasmussen) and its stated purpose is "to unite world democracies"
2) It's surprisingly honest and the methodology is actually democratic. Unlike other reports on democracy the scoring isn't done by the report's authors (like the report by Freedom House or The Economist's "Democracy Index"). It simply asks people what they think and, when it comes to democracy, that's kind of the point 🤷♂️
3) I love the expression "perception is reality" because, like it or not, what people believe about their system is what determines its legitimacy. A democracy that nobody actually experiences as one can't credibly claim to be one. And conversely, a so-called "autocracy" that its people overwhelmingly believe is actually a democracy might... actually be a democracy.
Anyhow, this year's edition did not disappoint. The data is absolutely fascinating and frankly, a little terrifying. So here you go: my thread on the 2026 Democracy Perception Index 🧵
U.S. Treasury Secretary Scott Bessent was abruptly pulled from a live interview after being told “the President wants you right away.”
After returning, his voice was noticeably shaken.