Following lawsuit filed in August 2024, joint venture between GXD Labs, an affiliate of Atlas Grove Partners, and VanEck, an asset manager with approximately $161.7B under management, finalizes agreement with Tether.
NEW YORK, NY and MIAMI, FL (October 14, 2025) — Today, the Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, announced that Tether has paid $299.5 million to the Celsius Network bankruptcy estate after an adversary proceeding was filed in August 2024.
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 out of collateral transfers and liquidations that occurred in the lead-up to Celsius’s July 2022 bankruptcy filing.
“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs, an affiliate of Atlas Grove Partners. “In addition, we are pleased with the timeliness with which the settlement was achieved.”
GXD Labs and VanEck managed this litigation through the BRIC, which was created in early 2023 to maximize recoveries in complex digital asset bankruptcies like Celsius. The BRIC was appointed Complex Asset Recovery Manager and Litigation Administrator by the Debtors and Unsecured Creditors’ Committee in the Celsius Network bankruptcy in January 2024, following Celsius’s exit from bankruptcy protection.
The BRIC continues to manage a portfolio of illiquid assets and litigation assets for the Celsius bankruptcy estate, working through the estate’s wind-down for the benefit of creditors. The team behind the BRIC – including R Christian Wyatt and David Proman of GXD Labs, and Pranav Kanade and Matthew Babinsky of VanEck – has significant experience in complex asset recovery, litigation management, and liquid and illiquid cryptocurrencies.
Benjamin I. Finestone, co-head of Quinn Emanuel Urquhart & Sullivan, LLP’s bankruptcy and restructuring group, advised the BRIC.
Atlas Grove has not acted in any investment advisory capacity by virtue of supplying this information. This communication is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. No offer or solicitation of any security will be made prior to the delivery of offering documents, and only in compliance with applicable law.