GXD Labs Settles $500M Claim with EquitiesFirst Over Celsius Network Loan

GXD Labs, a digital asset investment and advisory firm, has reached a settlement with global equity financing company EquitiesFirst regarding claims related to a loan provided to the now-bankrupt crypto lending platform Celsius Network. According to Foresight News, the settlement includes a compensation of $500 million and the withdrawal of counterclaims and related arbitration proceedings initiated in September 2023. In 2023, GXD Labs established the Blockchain Asset Recovery Investment Coalition (BRIC). This organization was subsequently appointed by the debtors and the unsecured creditors' committee in the Celsius bankruptcy case as the manager for complex asset recovery and litigation.