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Tether Pays Nearly $300 Million to Resolve Celsius Bitcoin Liquidation Claims

Tether Pays Nearly $300 Million to Resolve Celsius Bitcoin Liquidation Claims

According to the Blockchain Recovery Investment Consortium, Tether’s ¥45 billion ($299.5 million) payment to the Celsius bankruptcy estate settles a long-running dispute over collateral transfers before Celsius’s 2022 collapse.

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Fact Check
Multiple sources confirm that Celsius and Tether reached a settlement agreement. Specifically, the evidence from 'The Block' states the settlement amount was $299.5 million, which directly supports the statement's claim of 'nearly $300 million' to resolve the dispute over bitcoin liquidations. Other sources corroborate the existence of the lawsuit that this settlement resolves.
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Summary

The Blockchain Recovery Investment Consortium (BRIC) confirmed that Tether has paid approximately ¥45 billion ($299.5 million) to the Celsius Network bankruptcy estate as part of a settlement agreement. The lawsuit, filed by BRIC—a collaboration between GXD Labs and VanEck—in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York, involved allegations over collateral transfers and liquidations that occurred before Celsius filed for bankruptcy in July 2022. The settlement resolves one of the major disputes arising from the Celsius collapse and closes another chapter in the broader crypto bankruptcy aftermath.

Terms & Concepts
  • Blockchain Recovery Investment Consortium (BRIC): A joint venture established by GXD Labs and VanEck to manage asset recovery and litigation for bankrupt crypto firms such as Celsius.
  • Celsius Network Bankruptcy: The July 2022 bankruptcy filing of Celsius Network, a major crypto lending platform that became insolvent following sharp market declines and liquidity issues.