The Blockchain Recovery Investment Consortium (BRIC), formed by GXD Labs and VanEck, has reached a $299.5 million settlement with Tether in a high-stakes dispute tied to the Celsius Network bankruptcy. The agreement settles claims filed in August 2024 over contested Bitcoin collateral transfers and liquidations that preceded Celsius’s 2022 collapse.
BRIC, appointed in January 2024 as the litigation administrator and asset recovery manager for the Celsius estate, led the legal push against Tether to reclaim assets for creditors. The lawsuit alleged that Tether violated bankruptcy rules by prematurely liquidating collateral; the settlement ends the adversary proceeding and related claims.
Celsius originally sought nearly $4 billion in claims. While the $299.5 million figure is a fraction of that total, it stands as one of the most significant recoveries in the winding down of the Celsius estate.
Despite the breakthrough, BRIC still oversees illiquid assets and ongoing claims in the Celsius wind‑down process. The settlement brings relief to creditors and signals heightened legal scrutiny on stablecoin issuers’ roles in distressed markets.
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