Celsius Network completed its bankruptcy process with a $300 million deal.

The bankruptcy estate of Celsius Network has settled its multi-billion dollar lawsuit with stablecoin issuer Tether for $299.5 million. This development is recorded as one of the most significant turning points in Celsius Network's (CEL) over three-year bankruptcy process following the major collapse in 2022. With this settlement, the company made notable progress in its previously filed $4.3 billion lawsuit against Tether. The agreement was announced by the Blockchain Recovery Investment Consortium (BRIC), which is overseeing Celsius's restructuring process.

Celsius had claimed in its 2024 lawsuit filed in the U.S. Bankruptcy Court for the Southern District of New York that Tether had liquidated 39,542 Bitcoin early, prior to the expiration of the legal waiting period. In July 2025, Judge Martin Glenn had opened the door for a settlement by considering a significant portion of Celsius’s claims. The settlement reached today corresponds to approximately 7% of the amount demanded by Celsius.

Tether CEO Paolo Ardoino expressed via a post on the X platform, "We are pleased that all issues related to the Celsius bankruptcy have been resolved." Previously, Tether had described the lawsuit as "baseless," arguing that Celsius was trying to offload the consequences of its own mistakes onto Tether. It is known that Celsius filed for bankruptcy after announcing a $1.2 billion balance sheet deficit in 2022. In 2023, the company completed its restructuring process. Since then, Celsius, managed by BRIC, has been focused on recovering value for creditors.

Additionally, former CEO Alex Mashinsky was sentenced to 12 years in prison in May for commodities fraud and market manipulation charges. Prosecutors have emphasized that Mashinsky "led one of the largest frauds in the crypto sector." Another significant detail accompanying all these developments is that the CEL price has increased by more than 20% in the last 24 hours, reaching $0.0510.