BRIC and Tether reach $299.5 million settlement to resolve adversarial litigation related to Celsius bankruptcy

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The Blockchain Recovery Investment Consortium (BRIC) announced a $299.5 million settlement with Tether to pay the Celsius Network's bankruptcy estate. The settlement stems from an adversary proceeding filed by BRIC in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York, alleging that Tether violated bankruptcy laws and related statutory obligations by transferring and liquidating collateralized assets prior to Celsius's 2022 bankruptcy filing.

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