Tether pays nearly $300 million in settlement to bankrupt crypto lending platform Celsius

ChainCatcher news, the Blockchain Recovery Investment Coalition (BRIC) formed by GXD Labs and VanEck has recovered nearly $300 million from Tether to handle the liquidation affairs of the bankrupt cryptocurrency lending platform Celsius. This $299.5 million settlement resolves significant claims Tether faced in the U.S. Bankruptcy Court for the Southern District of New York against Celsius. Celsius collapsed in 2022, exited bankruptcy last year, and distributed over $3 billion to creditors.

As a complex asset recovery manager, BRIC continues to handle other illiquid and litigation assets related to the case. The dispute stems from Tether selling 39,542 BTC as collateral liquidation before Celsius's bankruptcy in 2022, which was worth nearly $4.5 billion at the time.