Core Insights - The Blockchain Recovery Investment Consortium (BRIC) announced that Tether has settled claims from the Celsius Network bankruptcy estate for $299.5 million, resolving a lawsuit filed in August 2024 in the U.S. Bankruptcy Court [1][5] - Tether had previously rejected Celsius's lawsuit, which sought to recover approximately 39,542 Bitcoin, valued at nearly $4.5 billion, claiming it was a "baseless shakedown" [2] - Tether maintained that it acted lawfully under a 2022 agreement requiring Celsius to post additional collateral when Bitcoin prices fell, and liquidated Bitcoin to cover an $815 million debt when Celsius failed to meet margin requirements [3] Legal Proceedings - Celsius alleged that Tether did not provide the required 10-hour window to deposit additional collateral before liquidating Bitcoin, which destroyed Celsius's residual interest [4] - A federal judge ruled in July that the lawsuit against Tether could proceed, allowing the case to continue [6] Management and Recovery Efforts - BRIC was established in early 2023 to maximize asset recovery in complex crypto bankruptcy cases and was appointed as the complex asset recovery manager and litigation administrator for Celsius after its emergence from bankruptcy protection in January 2024 [5] - The consortium is overseeing a portfolio of illiquid and litigation assets for the Celsius estate during its wind-down phase, aiming to benefit creditors [6] Background on Celsius Network - Celsius Network co-founder and former CEO Alex Mashinsky was sentenced to 12 years in prison in May for securities and commodities fraud, having misused customer funds and manipulated the price of the CEL token [7]