According to ME News, on May 26 (UTC+8), digital asset investment and advisory firm GXD Labs announced it has reached a settlement regarding claims arising from its loans to the bankrupt crypto lending platform Celsius Network, in collaboration with global equity financing firm EquitiesFirst. The settlement includes a $500 million compensation payment and the withdrawal of adversarial litigation and related arbitration proceedings initiated in September 2023. GXD Labs established the Blockchain Asset Recovery Investment Consortium (BRIC) in 2023, after which the organization was appointed by the debtor and the unsecured creditors’ committee in the Celsius bankruptcy case as the complex asset recovery and litigation manager. (Source: Foresight News)
GXD Labs and EquitiesFirst settle Celsius claims for $500 million
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Summary
GXD Labs and EquitiesFirst have settled Celsius-related claims for $500 million, resolving litigation initiated in September 2023. The agreement dismisses all arbitration and legal proceedings. GXD, through its BRIC consortium, managed digital asset communications and recovery efforts during Celsius’ bankruptcy. The MetaEra network upgrade strategy facilitated the finalization of the agreement.
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