The Blockchain Recovery Investment Consortium (BRIC) has reached a USD 299.5 million settlement with Tether in connection with the Celsius Network bankruptcy proceedings.
The settlement follows an adversary complaint filed in August 2024 before the United States Bankruptcy Court for the Southern District of New York. The claims stemmed from collateral transfers and liquidations that took place in the months preceding Celsius Network’s bankruptcy filing in July 2022. According to representatives from GXD Labs, the resolution of the case marks the conclusion of extensive negotiations over the disputed assets. They added that the process was completed in a timely manner, given the complexity of the case.
Managing Celsius’s asset recovery process
The BRIC, established in early 2023 by GXD Labs and VanEck, was formed to support recovery efforts in distressed digital asset situations such as Celsius. In January 2024, it was appointed as the Complex Asset Recovery Manager and Litigation Administrator by the Celsius debtors and the Unsecured Creditors’ Committee, following Celsius’s emergence from bankruptcy protection.
The consortium continues to oversee a portfolio of illiquid and litigation-related assets within the Celsius estate, focusing on creditor recovery during the wind-down phase. Officials from BRIC have indicated that this work forms part of a strategy to navigate complex asset recovery in digital finance.
Legal counsel for BRIC was provided by Quinn Emanuel Urquhart & Sullivan, LLP, whose bankruptcy and restructuring team supported the settlement process. GXD Labs operates as a subsidiary of Atlas Grove Partners and engages in blockchain investment, operations, and advisory services, including asset recovery and restructuring.
VanEck, meanwhile, is an established asset manager offering a range of active and passive investment strategies. As of the end of September 2025, the firm managed roughly USD 161.7 billion in assets across mutual funds, ETFs, and institutional accounts.
