Tether Resolves Bankruptcy Claims with Celsius Network for $299 Million

Tether has reached a settlement of $299.5 million to resolve outstanding bankruptcy claims filed against it by Celsius Network. This agreement, announced by BRIC, a joint venture between GXD Labs and VanEck, was settled in August 2024 regarding the company’s bankruptcy filing in July 2022. The case centered on the transfer and liquidation of collateral held prior to Celsius’s bankruptcy. BRIC, appointed as administrator for asset recovery and litigation in January 2024, continues to manage Celsius’s complex assets for eventual liquidation.