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Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal
BRIC, a collaboration between GXD Labs and VanEck, announced a crucial development in Celsius's bankruptcy. Tether has agreed to pay a substantial sum to Celsius's bankruptcy estate after a legal battle initiated in the previous year. This settlement is a key step in the Celsius bankruptcy proceedings that began in July 2022. Celsius initially accused Tether of improper handling of collateral and liquidations. The crypto lender had sought approximately $4.3 billion in Bitcoin, along with an additional $100 million in damages. Tether had called the lawsuit a "shake down" and blamed Celsius for its own mismanagement and argued that Celsius should cover any price fluctuations. The settlement allows Tether to resolve the case at a lower cost than originally claimed. Nearly $300 million is anticipated to be recovered for Celsius's creditors. Tether's CEO, Paolo Ardoino, expressed satisfaction with the settlement on social media platform X. GXD Labs also voiced its satisfaction with the resolution of the legal disagreements with Tether.
