- After months of legal wrangling, Celsius has reached an adversarial proceeding settlement with KeyFi and its founder, Jason Stone.
- As part of the settlement agreement, KeyFi will give up to $800,000 and a rare NFT to Celsius in exchange for the transfer of hundreds of NFTs, including valuable tokens like CryptoPunks and Fidenzas, and tokens. The NFTs will be liquidated over the course of the next 12 months.
In response to a lawsuit and countersuit pertaining to KeyFi’s founder Jason Stone’s connection to insolvent cryptocurrency lender Celsius, the parties have reached a settlement as per a document submitted to the court last week. Leading the anonymous 0xb1 X account is another identity of Jason Stone.
KeyFi will send hundreds of various tokens and valuable NFTs to Celsius as part of the settlement deal. Additionally, the $1.1 million earnings from a Mutant Ape Yacht Club sale to billionaire Adam Weitsman, which is now held in escrow, will also be transferred by KeyFi to Celsius. Additionally, KeyFi will transfer assets to the cryptocurrency company Fireblocks and the DeFi protocols Spartan, Unslashed, and Stakehound.
According to the settlement, Celsius will spend the next 12 months selling off the assets. Apart from the initial $300,000 payment, Celsius will also provide KeyFi and Stone with a special NFT that has been signed by Marco Santorini. Then, KeyFi will receive 10% of the profits from Celsius following the liquidations, up to $500,000.
Numerous different cryptocurrency tokens are present in the aforementioned wallets, usually in modest amounts. Among many other things, the wallets hold roughly $2,600 worth of USD Coin stablecoins and $500 worth of Dogecoin.
The wallets do, however, also include a number of valuable NFTs: thirteen CryptoPunks, three Fidenzas created by Tyler Hobbs, nineteen Meebits, four Mutant Apes, fourteen Otherdeeds, and numerous additional tokens from projects like Rarible, World of Women, and Art Blocks.
Since the demand for NFTs has essentially decreased over the past year, Celsius’s liquidation of these NFTs over the course of the upcoming year may have an effect on the floor price of the collections.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
