Prime Trust estate management: Poloniex, under Sun Yuchen, wins a $9 million default judgment

According to Protos, the bankruptcy estate manager of Prime Trust has won an absent judgment of approximately $9 million against Poloniex, the exchange owned by Sun Yuchen. This case is part of a pre-bankruptcy preferential transfer recovery lawsuit.

The background is that shortly before its bankruptcy, Prime Trust decided to terminate its cooperation with Poloniex and other entities associated with Sun Yuchen due to a lawsuit by the U.S. SEC against Sun Yuchen, and transferred over $9 million to Poloniex and Sun Yuchen. Subsequently, Prime Trust fell into severe insolvency due to its failure to properly custody cryptocurrency assets and misappropriating customer deposits to fill gaps, entered bankruptcy proceedings, and filed this case to recover the related funds. Currently, the judgment is only against Polo Digital Assets LTD, the operator of Poloniex, while Prime Trust is still seeking evidence against Sun Yuchen himself. Additionally, the FTX estate manager has also filed lawsuits against Sun Yuchen himself and his exchanges HTX and Poloniex.