TechFlow, October 15 — According to Techinasia, the Blockchain Recovery Investment Consortium (BRIC), formed by GXD Labs and VanEck, has recovered nearly $300 million from Tether to handle the liquidation of the bankrupt cryptocurrency lending platform Celsius. The $299.5 million settlement resolves a major claim brought by Celsius against Tether in the U.S. Bankruptcy Court for the Southern District of New York.
Celsius collapsed in 2022 and exited bankruptcy last year, distributing over $3 billion to creditors. BRIC, serving as the complex asset recovery manager, continues to manage other illiquid and litigation-related assets tied to the case. The dispute originated from Tether's sale of 39,542 BTC posted as collateral prior to Celsius’s 2022 bankruptcy, which was worth nearly $4.5 billion at the time.
