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3h ago

Tether Pays $299.5 Million to Settle Celsius Bankruptcy Dispute

The payment ends adversary proceedings brought by Celsius’s recovery vehicle over contested 2022 collateral liquidations.

Tether resolves all issues in Celsius bankruptcy case
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Overview

  • Tether’s CEO Paolo Ardoino confirmed the settlement on October 14 via X, saying the company was pleased to resolve all Celsius-related issues.
  • BRIC, the recovery consortium run by GXD Labs and VanEck for Celsius creditors, disclosed the agreement and said it closes the estate’s claims against Tether.
  • The lawsuit was filed in August 2024 in the Southern District of New York and was allowed to proceed after a judge denied Tether’s motion to dismiss in July 2025.
  • The dispute focused on alleged improper transfers and liquidations of bitcoin collateral during Celsius’s 2022 collapse, with BRIC pursuing crypto recoveries for the estate.
  • The $299.5 million payment is far below the multibillion-dollar damages Celsius had sought, providing a financial resolution that supports its ongoing creditor recovery efforts.