Tether reaches a settlement with the Celsius bankruptcy estate and pays $299.5 million

ChainCatche news, the Blockchain Recovery Investment Coalition (BRIC), jointly established by GXD Labs and VanEck, announced that after initiating legal proceedings in August 2024, BRIC has reached a settlement with Tether regarding the Celsius Network bankruptcy case. Tether has paid $299.5 million to the Celsius Network bankruptcy estate to resolve the bankruptcy law and related claims filed against Tether in August 2024. The case involves the collateral transfers and liquidations prior to Celsius's bankruptcy in July 2022. BRIC was appointed in January 2024 as the complex asset recovery and litigation administrator and continues to manage Celsius's illiquid assets and litigation assets to advance the liquidation.