Tether and Celsius settle $4.3 billion fight for $299.5 million

Celsius Network has received a $299.5 million settlement from Tether, the largest stablecoin ￰0￱ to a release published today, Celsius Network has concluded its lawsuit against Tether, which was filed in the United States Bankruptcy Court for the Southern District of New ￰1￱ will only pay 7% of the total $4.3 billion, which Celsius had demanded ￰2￱ pays Celsius Network after three years of court battle The Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, began handling the Celsius Network bankruptcy case in early ￰3￱ August 2024, BRIC filed the case on behalf of Celsius , claiming that Tethe r li quidated 39,542 Bitcoins before the expiry of the 10-hour waiting time during the market crash of ￰4￱ 11 months, Judge Martin Glenn allowed Celsius to proceed with its demands, leading to today’s final ￰5￱ tried to dismiss the ￰6￱ stablecoin issuer claimed that the Bitcoin liquidation followed the process, but Judge Martin Glenn disagreed and dismissed Tether’s ￰7￱ said there were strong reasons for the court to hear the case, particularly because the people, systems, and accounts involved in the transactions were based in the United ￰8￱ Proman, Managing Partner of GXD Labs, said , “We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether.” He added that BRIC is pleased with the speed of the settlement ￰9￱ initially demanded $4.3 billion from Tether.

However, the US Bankruptcy Court for the Southern District of New York ruled that Tether pays 7% of this amount, equivalent to $299.5 ￰10￱ Ardoino, founder of Tether, said on X that “Tether is pleased to have reached a settlement of all issues related to the Celsius bankruptcy.” Celsius Network was a crypto lending and borrowing ￰11￱ June 2022, Celsius stopped withdrawals due to liquidity issues and later blamed its exposure to FTX. A month later, on July 13, 2022, Celsius filed for Chapter 11 ￰12￱ lost around $550 million, but other reports estimate $4.7 billion in investor losses and $7 billion in total market value wiped ￰13￱ founder of Celsius Network, Alex Mashinsky, was sentenced to 12 years in prison in ￰14￱ lost around $550 million, but other reports estimate $4.7 billion in investor losses and $7 billion in total market value wiped ￰15￱ Mashinsky pleaded guilty to commodities fraud and manipulation of Celsius’s native token, ￰16￱ your strategy with mentorship + daily ideas - 30 days free access to our trading program