Stablecoin giant TetherUSDT-- has agreed to pay $299.5 million to resolve a high-profile legal dispute with the bankruptcy estate of defunct crypto lender Celsius Network, marking the end of a protracted battle over the 2022 liquidation of BitcoinBTC-- collateral. The settlement, announced October 14 by the Blockchain Recovery Investment Consortium (BRIC)-a joint venture between GXD Labs and VanEck-closes one of the most contentious chapters in the crypto industry's post-2022 credit crisis[1].
Celsius, which collapsed amid a wave of crypto market failures in 2022, had sued Tether in August 2024, alleging the stablecoin issuer improperly liquidated 39,542 Bitcoin (worth nearly $4.5 billion at the time) without providing the required 10-hour notice to deposit additional collateral[4]. Tether denied wrongdoing, stating it acted lawfully under a 2022 agreement requiring Celsius to meet margin calls as Bitcoin prices fell[5]. The settlement, while significantly lower than Celsius's original $4.3 billion claim, provides creditors with a critical infusion of funds as the estate winds down[2].
The dispute centered on Celsius's assertion that Tether's premature liquidation of its Bitcoin collateral erased the lender's residual equity, accelerating its insolvency. Tether, however, argued it liquidated the assets at Celsius's direction to cover an $815 million debt[5]. A U.S. bankruptcy court had previously allowed Celsius's case to proceed, but the parties ultimately reached a resolution to avoid prolonged litigation.
BRIC, established in early 2023 to maximize recoveries in complex crypto bankruptcies, played a pivotal role in negotiating the deal. The consortium, which manages a portfolio of illiquid and litigation assets for the Celsius estate, described the settlement as a timely resolution that benefits creditors[5]. GXD Labs Managing Partner David Proman called the agreement "a significant milestone" in Celsius's restructuring process[1].
The settlement underscores growing scrutiny of stablecoin issuers' roles in insolvency proceedings. Legal experts note that the case may set a precedent for how courts assess liability when stablecoins are used as collateral in leveraged transactions[8]. Tether's decision to settle, despite its public dismissal of Celsius's claims as "baseless," reflects the broader risks of litigation for firms operating in the crypto space[4].
For Celsius, the payout comes as part of a broader effort to distribute over $3 billion in assets to creditors since exiting bankruptcy in 2023[1]. The firm's former CEO, Alex Mashinsky, who was sentenced to 12 years in prison for fraud, forfeited his claims to the estate earlier this year[5].
The resolution also aligns with a regulatory landscape increasingly focused on stablecoin oversight. The recently enacted GENIUS Act, which mandates 100% reserve backing for U.S. stablecoins, has reshaped the industry, though loopholes remain regarding yield-bearing products[6]. Tether's settlement may signal a shift toward greater accountability for stablecoin issuers, particularly as global regulators intensify scrutiny[3].
Tether CEO Paolo Ardoino stated the company is "pleased to have reached a settlement of all issues related to the Celsius bankruptcy," while BRIC emphasized the importance of streamlining recovery efforts for creditors[1]. The outcome highlights the evolving legal and financial dynamics of the crypto sector, where stablecoins play a central role in both innovation and systemic risk[8].
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