The settlement of abandoned crypto lenders Celsius hosted almost $ 300 million from Tether, according to a Tuesday statement from a unit created by GXD Labs and Vaneck, Blockchain Recovery Investment Consortium. GXD Labs, a subsidiary of Atlas Grove partners, and Asset Manager Vaneck established BRIC to “maximize recovery in complex digital asset competitions like Celsius,” they said.
BRIC continues to manage a portfolio of illique and litigation associated with Celsius, companies say. Joint Venture had previously tried to acquire the assets of the insolvent crypto lender, but the remains of Celsius Network went to the rival offering Fahrenheit in 2023.
Spokespersons for the two companies did not immediately answer a question of the benefits that each of them expected of this development.
The collapse of Celsius in 2022 was one of the string of industrial crises that triggered the crypto winter the year that saw great losses in the markets and significant damage to other major digital assets businesses. It left its bankruptcy last year and sent more than $ 3 billion to creditors.
In July, a bankruptcy court in New York had approved a Celsius effort to pursue most of a $ 4 billion claim against Tether. This recovery of $ 299.5 million is conducting the case in the US bankruptcy court for the southern district of New York, according to BRIC’s statement.
Read more: Celsius to distribute $ 3b Crypto to creditors as the company appears on bankruptcy
