Celsius Bankruptcy Settlement Secures $300 Million from Tether
- The Blockchain Recovery Investment Consortium (BRIC) announced a settlement of $299.5 million with Tether.
- BRIC was formed by GXD Labs and VanEck to manage assets related to the Celsius bankruptcy.
- Celsius previously exited bankruptcy, distributing over $3 billion to creditors after its collapse in the crypto winter of the previous year.
- A New York bankruptcy court had approved Celsius’s claim against Tether, amounting to nearly $4 billion, prior to this settlement.
- The settlement resolves claims in the U.S. Bankruptcy Court for the Southern District of New York.
This settlement is part of ongoing efforts to recover funds for creditors affected by the collapse of Celsius. The resolution of this claim marks a significant step in managing complex digital asset bankruptcies.
The recent recovery of $299.5 million from Tether highlights BRIC’s role in maximizing asset recoveries for Celsius creditors following its substantial financial fallout.(Source)
