Tether Settles Bankruptcy Claims with Celsius Network for $299.5 Million

According to PANews, BRIC, a joint venture between GXD Labs and VanEck, has announced that Tether has paid $299.5 million to settle bankruptcy claims with Celsius Network. This settlement addresses claims filed in August 2024 concerning bankruptcy law and related issues. The case involves the transfer and liquidation of collateral prior to Celsius's bankruptcy in July 2022. BRIC was appointed in January 2024 as the administrator for complex asset recovery and litigation, and it continues to manage Celsius's illiquid and litigation assets to facilitate liquidation.