Tether reaches settlement with Celsius bankruptcy consortium and pays $299.5 million

According to ChainCatche, the Blockchain Recovery Investment Consortium (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 bankruptcy law and related claims brought against Tether in August 2024. The case involves collateral transfers and liquidations prior to Celsius's bankruptcy in July 2022. BRIC was appointed as the administrator for complex asset recovery and litigation in January 2024 and continues to manage Celsius's illiquid and litigation assets to advance the liquidation process.