BRIC and Tether Reach $299.5M Settlement in Celsius Bankruptcy Case
The Blockchain Recovery Investment Consortium (BRIC), a partnership between GXD Labs and VanEck, has settled its legal dispute with Tether for $299.5 million. The resolution marks a significant step in the complex recovery process following the collapse of Celsius Network.
The lawsuit, filed in August 2024, centered on collateral transfers and liquidation activities prior to Celsius's July 2022 bankruptcy filing. BRIC's Managing Partner David Proman emphasized the settlement's importance for creditor compensation, calling it a critical milestone in one of crypto's most intricate recovery efforts.
As Complex Asset Recovery Manager for the Celsius estate since January 2024, BRIC continues its work maximizing value for creditors through illiquid asset recovery and litigation management. This case underscores the growing role of specialized institutional groups in navigating crypto bankruptcies.
