According to Techinasia, the Blockchain Recovery Investment Consortium (BRIC), consisting of GXD Labs and VanEck, has recovered nearly $300 million from Tether to handle the liquidation of insolvent cryptocurrency lending platform Celsius. The $299.50 million settlement resolves a major claim Celsius filed against Tether in the U.S. Bankruptcy Court for the Southern District of New York.
Celsius collapsed in 2022, exiting bankruptcy proceedings last year and distributing more than $3 billion to creditors. BRIC, as the manager of complex asset recovery, continues to handle other illiquid and litigation assets related to the case. The dispute stems from the sale of 39,542 BTC as collateral for liquidation by Tether prior to Celsius' bankruptcy in 2022, worth nearly $4.50 billion at the time.
Tether to Pay Nearly $300 million Settlement to Bankrupt Crypto Lending Platform Celsius
2025-10-15 02:58:24
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