Overview

• BRIC, a joint venture of GXD Labs and VanEck, led the Celsius estate’s recovery efforts and announced the settlement.
• The resolution covers an adversary proceeding filed in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York.
• Celsius had sought roughly 39,542 BTC—about $4.3–$4.5 billion—alleging Tether liquidated collateral prematurely and denied a 10-hour cure window.
• Tether said it acted under a 2022 agreement and that the liquidations covered an $815 million debt after Celsius failed to meet margin requirements.
• A bankruptcy judge allowed the suit to proceed in July 2025, and Tether CEO Paolo Ardoino confirmed the settlement on X as BRIC continues other creditor recoveries.