Los Angeles, CA - In a move that feels more like a high-stakes video game than a financial strategy, Swan Bitcoin, led by CEO Cory Klippsten, is looking to upgrade their tier-2 Fortress into a tier-3 Citadel. This comes after allegations that Swan's move from Prime Trust to Fortress might not provide the security and safety they need. The concerns are mounting, with critics suggesting they lack the necessary minerals for the upgrade.
Swan Bitcoin, a financial services company, found itself under fire after rapidly withdrawing all assets from Prime Trust weeks before the custodian's fallout. All Swan clients' assets now rest with Fortress, a crypto custodian led by Scott Purcell, the same CEO that led Prime Trust until January 2021.
Purcell, who also founded Prime Trust, has been accused of mismanagement and unlawful transfer of corporate assets to a competitor. His decision to pivot Banq, a subsidiary of Prime Trust, away from payments and focus on NFTs without board approval, has been met with criticism.
In a plot twist worthy of a video game, Purcell resigned from Banq in December 2021, along with the company’s CTO and general counsel. They had formed Fortress NFT Group, part of the Fortress group of companies that now operates Fortress Trust, a few months earlier.
Swan Bitcoin's decision to move to Fortress has raised eyebrows, considering the allegations against Purcell. However, Klippsten has defended the move, stating that Swan had been preparing to migrate away from Prime Trust for nine months before the withdrawal.
In response to the criticism, Swan Bitcoin has shown sensitivity and is now actively working on the upgrade from Fortress to Citadel. The company is committed to ensuring the security of its clients' assets and is taking all necessary steps to achieve this goal.
"For the past few days, I've been trying to upgrade the Fortress, but I keep hearing this disembodied voice saying 'You lack the necessary materials.' I just wish the interface were better," Klippsten said, adding a touch of humor to the situation.
Ken Griffin, CEO of Citadel, weighed in on the situation, stating, "Cory appears to lack the 500 carbon credits needed for the upgrade, but that should be readily available on the streets of LA."
Despite the controversy, Swan Bitcoin seems determined to continue its quest to upgrade to a Citadel. The company has been compared to a player in a video game, navigating obstacles and making strategic moves to level up.
However, the stakes are high, and the game is real. The outcome of Swan Bitcoin's strategy could have significant implications for its clients and the broader cryptocurrency industry. As the company continues its quest for the elusive Citadel, all eyes will be on Klippsten and his team to see if they can gather the necessary minerals for the upgrade.