I have no love for swan

But what they are saying is somewhat accurate if:

They had swan reserve accounts with prime

They referred swan swap customers to prime for custody (“swan has never held customer funds”). In this case the paperwork for the customers was probably “your coins are held at prime for the benefit of you”

Since prime was fraudulent, swan and its customers were affected and lost funds.

But not because swan was custodian.

this is the reason it’s important for these marketing companies to better bet their downstream vendors

All this to say Cory is still a grifter and can get fucked.