Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

The Blockchain Recovery Investment Consortium (BRIC), a partnership between GXD Labs and VanEck, announced on Tuesday a significant development in Celsius’ bankruptcy ￰0￱ (USDT) has agreed to pay a major amount to the crypto lender’s bankruptcy estate following an adversary proceeding that was initiated last ￰1￱ Settles Billion Dollar Lawsuit This settlement marks a significant milestone in the ongoing legal saga surrounding Celsius, which filed for bankruptcy in July ￰2￱ had previously accused Tether of mishandling collateral and liquidations, claiming 39,542 BTC (approximately $4.3 billion at the time) along with an additional $100 million in damages, which constituted their largest third-party ￰3￱ Reading: Bitcoin Reset Complete?

Ostium Foresees Explosive Move To $133,000 As previously reported by Bitcoinist, Celsius asserted that Tether’s actions exemplified a broader “scheme to exploit the US cryptocurrency market,” a position they believed could support jurisdiction in this ￰4￱ response to the allegations, Tether characterized the lawsuit as a “shake down,” asserting that Celsius was responsible for providing additional collateral in light of fluctuating Bitcoin prices at the ￰5￱ maintained that Celsius’s mismanagement should not result in undue costs for ￰6￱ Return For Celsius Bankruptcy Creditors Ultimately, the settlement allows Tether to resolve the matter for a fraction of the initial amount claimed by Celsius, with nearly $300 million expected to be recovered, providing a notable return for creditors involved in the bankruptcy ￰7￱ CEO Paolo Ardoino also commented on the settlement on social media site X (formerly Twitter), stating, “Tether is pleased to have reached a settlement of all issues related to the Celsius bankruptcy.” Related Reading: Decades In The Making: Crypto Exchange Predicts When Shiba Inu Price Will Reach $0.01 David Proman, Managing Partner of GXD Labs, also expressed satisfaction with the resolution.

“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” he ￰8￱ image from DALL-E, chart from ￰9￱