Prime Trust reaches settlement to keep 11 million in Audio crypto

By Sarah Lizee

Olympia, Wash., Nov. 30 – Prime Trust, LLC is seeking approval of a settlement with Tiki Labs, Inc., which does business as Audius Inc., according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

In October 2020, Audius contracted with Prime Trust for certain services and maintained Audio crypto with Prime Trust. The debtors are currently holding 323,976,629.27 Audio.

Prime Trust and Audius disagree as to which entity holds legal and equitable title to the Audio, and thus, whether the Audio constitute property of the debtors’ estates.

Over the course of the Chapter 11 cases, the debtors and Audius have engaged in discussions regarding their disputes surrounding the Audio.

Following such discussions, the parties entered into a settlement agreement, through which the parties agreed that 11 million Audio currently held by Prime Trust in an account attributed to Audius will be treated as Prime Trust’s property.

Prime Trust agreed to make reasonable efforts not to liquidate in excess of 10% of the 24-hour trading volume of Audio as reflected on www.coingecko.com.

The Audio Prime Trust holds in accounts of the Audius parties will be transferred to Audius within seven days of the effective date.

Audius will be responsible for transmitting released Audio to the settling Audio holders.

The Las Vegas-based cryptocurrency custodian filed bankruptcy on Aug. 14 under Chapter 11 case number 23-11161.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.