- This settlement follows a series of lawsuits and countersuits by the parties.
- As part of the settlement deal, Celsius will get a plethora of assets from KeyFi.
Last week, an agreement was filed in court by the two parties involved in the KeyFi and the founder Jason Stone’s link to the insolvent crypto lender Celsius. This settlement follows a series of lawsuits and countersuits.
As part of the settlement deal, Celsius will get a plethora of assets from KeyFi. These assets include wallets holding several tokens and expensive NFTs. As well as the $1.1 million that was sold by Mutant Ape Yacht Club to billionaire Adam Weitsman and is presently held in escrow. Assets associated with the Spartan, Unslashed, Stakehound, and Fireblocks protocols developed by DeFi will also be transferred by KeyFi.
Valuable NFTs Included
Following the conclusion of the agreement, Celsius will spend the next twelve months selling off the assets. Along with the $300,000 upfront payment, Celsius will also provide KeyFi and Stone with a unique NFT designed by Marco Santorini. After the liquidations are complete, KeyFi will get 10% of the profits, up to a maximum of $500,000. With so many valuable NFTs included in these assets, it’s probable that it hit this limit.
The wallets in question hold a diverse array of cryptocurrency tokens, often with very tiny amounts. Some of the various cryptocurrencies stored in these wallets include Dogecoin (valued about $500) and USD Coin (worth roughly $2,600), among many more.
But there are a lot of valuable NFTs in those wallets as well. These include, 13 CryptoPunks, 3 Fidenzas created by artist Tyler Hobbs, 19 Meebits, 4 Mutant Apes, 14 Otherdeeds, and dozens more from projects like Rarible, World of Women, and Art Blocks. The floor price of the collections might be affected by Celsius’s liquidation of these NFTs during the next year.
Read the full article here
