Tether Settles Celsius Bankruptcy Lawsuit for $299.5 Million
Tether has agreed to pay $299.5 million to settle a lawsuit linked to the Celsius bankruptcy. The stablecoin issuer, known for USDT, confirmed the settlement on October 14, 2025.
The lawsuit was filed in August 2024 by Celsius, a crypto lender that filed for bankruptcy in July 2022. The case revolved around collateral transfers and liquidations that Celsius faced. Tether’s CEO, Paolo Ardoino, confirmed the settlement on X.
The Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, disclosed the settlement. BRIC manages litigation against Tether and aims to maximize recovery for crypto-related bankruptcies.
Celsius emerged from bankruptcy proceedings with a restructuring plan in early 2024. The court approved the plan in November 2023. Celsius, through BRIC, filed the lawsuit in august 2024, seeking 39,342 bitcoin from Tether.
david Proman, managing partner of GXD Labs, said, “We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether. The settlement was achieved timely.”
The crypto market faced a notable implosion in 2022, with other lenders and exchanges also filing for bankruptcy.
