NEW YORK AND MIAMI–(BUSINESS WIRE)–Today, the Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, announced that Tether paid $299.5 million to Celsius Network bankruptcy estate after an adversarial proceeding was filed in August 2024.
“We are pleased to have resolved Celsius’ adversarial proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs, an affiliate of Atlas Grove Partners.
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The lawsuit, which was filed in the United States Bankruptcy Court for the Southern District of New York, alleged claims under the Bankruptcy Code and related claims arising from collateral transfers and liquidations that occurred before Celsius filed for bankruptcy in July 2022.
“We are pleased to have resolved Celsius’ adversarial proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs, an affiliate of Atlas Grove Partners. “Additionally, we are pleased with the speed with which the settlement was reached. »
GXD Labs and VanEck managed this litigation through BRIC, created in early 2023 to maximize recoveries in complex bankruptcies of digital assets like Celsius. BRIC was appointed Complex Asset Recovery Manager and Litigation Administrator by the Committee of Unsecured Debtors and Creditors in the Celsius Network bankruptcy in January 2024, following Celsius’ exit from bankruptcy protection.
BRIC continues to manage a portfolio of illiquid and disputed assets for the Celsius bankruptcy estate, working to liquidate the estate for the benefit of creditors. The team behind BRIC – including R Christian Wyatt and David Proman of GXD Labs, as well as Pranav Kanade and Matthew Babinsky of VanEck – has significant experience in complex asset recovery, dispute management, and liquid and illiquid cryptocurrencies.
Benjamin I. Finestone, co-leader of Quinn Emanuel Urquhart & Sullivan, LLP’s bankruptcy and restructuring group, advised BRIC.
About GXD Laboratories
GXD Labs, a wholly owned subsidiary of Atlas Grove Partners (www.atlas.gp), is a digital asset and blockchain operating, investment and advisory firm. We participate in all aspects of the digital asset space, through public and private investments, complex asset recoveries, litigation and liquidation efforts. We also advise you on strategic planning, growth, liability management and restructuring. www.gxdlabs.io
About VanEck
VanEck has a history of looking beyond financial markets to identify trends that can create impactful investment opportunities. We were one of the first U.S. asset managers to provide investors with access to international markets. This set the tone for the firm’s efforts to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993 and exchange-traded funds in 2006 – that went on to shape the investment management industry.
Today, VanEck offers active and passive strategies with attractive exposures supported by well-designed investment processes. As of September 30, 2025, VanEck managed approximately $161.7 billion in assets, including mutual funds, ETFs and institutional accounts. The Company’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are powered by in-depth, bottom-up research and security selection by portfolio managers with direct experience in the sectors and regions in which they invest. Investment capacity, liquidity, diversity and transparency are essential to experienced decision-making regarding the selection of markets and indices that underpin VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. www.vaneck.com
Important Disclosures
This communication is provided for informational purposes only and does not constitute an offer to buy or sell, nor a solicitation to buy or sell any securities, financial instruments or digital assets. The information contained herein reflects the opinions of the Blockchain Recovery Investment Consortium (BRIC), GXD Labs and VanEck as of the date of this release and is subject to change without notice. Certain statements may constitute forward-looking statements that involve known and unknown risks and uncertainties; actual results may differ materially. Neither VanEck nor GXD Labs guarantees the accuracy or completeness of any information obtained from third party sources.
© Van Eck Associates Company
