Bankrupt crypto lender Celsius has reached a settlement agreement with KeyFi and its founder Jason Stone, also known as the leader behind the fake 0xb1 X account.
Celsius to Liquidate Tokens and Hundreds of NFTs Following Deal with KeyFi Founder Jason Stone
The settlement, filed with the court last week, resolves a lawsuit and countersuit related to the relationship between Celsius and KeyFi.
As part of the deal, KeyFi will transfer a number of assets to Celsius.
These assets include wallets containing hundreds of different tokens and valuable NFTs, as well as $1.1 million in proceeds from the sale of the Mutant Ape Yacht Club NFT to billionaire Adam Weitsman, which is currently held in escrow.
KeyFi will also transfer assets related to DeFi protocols Spartan, Unslashed, Stakehound and crypto firm Fireblocks.
Celsius intends to liquidate these assets within the next twelve months. The lender will make an initial payment of $300,000 to KeyFi and Stone, as well as a rare one-of-one NFT of Marco Santorini.
Following the liquidation, Celsius will pay KeyFi 10% of the proceeds, up to $500,000. Given the value of the NFTs in question, this limit is expected to be reached.
The wallets typically contain small balances of various crypto tokens, including around $500 worth of Dogecoin and around $2,600 worth of the USD Coin stablecoin.
More importantly, the wallets contain several high-value NFTs, including 13 CryptoPunks, three Fidenzas by artist Tyler Hobbs, 19 Meebits, four Mutant Apes, 14 Otherdeeds, and dozens of other tokens from projects like World of Women, Art Blocks, and Rarible.
*This is not investment advice.
