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PCT Litigation Trust filed a complaint on March 2 in Delaware bankruptcy court against Zap Solutions, which operates as Strike, seeking to recover “no less” than $13,877,147.36 and 1,758.18 bitcoin it alleges Prime Core Technologies transferred before its Chapter 11 filing.
The complaint invokes Sections 547 and 550 of the Bankruptcy Code to avoid and recover what it calls preferential transfers. In total, the demands from the Prime Trust estate equal some $150 million in capital, in a mix of both fiat and digital assets.
The case was previously reported on by Law360 in early March, but received little coverage at the time in Bitcoin media circles. With Blockspace’s Monday reporting on the Prime Trust estate’s demands against Swan Bitcoin, Zap Solutions’ involvement in the Prime Trust fallout has come under increasing scrutiny.
According to the complaint, the transfers occurred in a series of “atypical transactions” between May 16, 2023, and the petition date. PCT also seeks interest, attorneys’ fees and costs.
The complaint alleges Strike was one of Prime’s most important customers and had unusual visibility into Prime’s regulatory and financial condition. PCT says that access allowed Strike to move funds before Prime’s collapse, while other customers were left with losses.
In an addendum to its proof of claim quoted in the complaint, Zap said it “took actions to protect its own and its customers’ interests by ensuring the transfer of most of the funds held in the Customer Custody Account” as Prime’s “regulatory and legal problems became known in the market.”
The complaint says Prime “was once one of the most prominent crypto companies in the United States.” Thousands of cryptocurrency companies used Prime to gain access to the U.S. banking system, according to the filing.
The Nevada Financial Institutions Division shut Prime Trust down in June 2023, the complaint states. Prime Core Technologies and certain affiliates filed Chapter 11 on August 14, 2023. PCT Litigation Trust was established under Prime’s confirmed plan and vested with the debtors’ causes of action following the Chapter 11 plan.
The complaint also says Strike filed two proofs of claim in the bankruptcy, asserting a general unsecured claim of $1,239,328.76. Prime objected to those claims on November 18, 2023.
The trust has been pursuing a broader recovery campaign through adversary proceedings against both “integrators” and “end-users,” according to a separate February 2026 court filing. Integrators were cryptocurrency companies that accessed Prime’s services through an API, while end-users were customers who completed Know Your Customer requirements through an integrator.
The case is styled PCT Litigation Trust v. Zap Solutions, Inc. d/b/a Strike, filed in the United States Bankruptcy Court for the District of Delaware, Case No. 23-11161 (JKS).
