Celsius Wind-down Secures $300M From Tether, Say GXD Labs, VanEck

Core Insights - The wind-down of Celsius, a defunct crypto lender, has resulted in a recovery of nearly $300 million from Tether, facilitated by the Blockchain Recovery Investment Consortium (BRIC) established by GXD Labs and VanEck [1][4] - BRIC is managing a portfolio of illiquid and litigation assets related to Celsius, having previously attempted to acquire Celsius's assets, which ultimately went to a rival bidder, Fahrenheit [2] - The collapse of Celsius in 2022 contributed to a broader crypto market crisis, leading to significant losses and damage across the industry, with Celsius exiting bankruptcy and distributing over $3 billion to creditors [3][5] Group 1 - Celsius's bankruptcy proceedings have led to a settlement of a $4 billion claim against Tether, with the recent recovery of $299.5 million approved by a New York bankruptcy court [4] - The establishment of BRIC aims to maximize recoveries in complex digital asset bankruptcies, highlighting the ongoing challenges in the crypto lending sector [1][2] - The Celsius collapse was part of a larger trend of crises in the crypto industry, marking a significant downturn in the market during 2022 [3]