In the wake of a legal battle between KeyFi and its founder Jason Stone and the bankrupt crypto lender Celsius, the two parties have reached a settlement, according to a court agreement filed last week. Jason Stone, known as the pseudonymous leader behind the 0xb1 X account, has agreed to transfer numerous assets to Celsius as part of the settlement.
KeyFi will hand over wallets containing a variety of tokens and valuable NFTs to Celsius. This includes the $1.1 million proceeds from a Mutant Ape Yacht Club sale to billionaire Adam Weitsman, currently held in escrow. Additionally, KeyFi will transfer assets related to DeFi protocols Spartan, Unslashed, Stakehound, and crypto firm Fireblocks.
Celsius plans to liquidate these assets over the next twelve months. The settlement stipulates that Celsius will pay KeyFi and Stone an initial sum of $300,000 plus a rare one-of-one NFT by Marco Santorini. Following the liquidation, Celsius will also pay 10% of the proceeds to KeyFi, capped at $500,000, a limit likely to be reached given the value of the assets involved.
The wallets in question hold a diverse array of crypto tokens, typically in small balances. For example, they contain about $500 worth of Dogecoin and approximately $2,600 worth of USD Coin stablecoins. More significantly, the wallets also house several high-value NFTs, including 13 CryptoPunks, three Fidenzas by artist Tyler Hobbs, 19 Meebits, four Mutant Apes, 14 Otherdeeds, and numerous tokens from projects like World of Women, Art Blocks, and Rarible.
The planned liquidation of these NFTs over the coming year by Celsius may influence the floor price of these collections, especially as NFT demand has significantly decreased over the past year. This settlement marks a notable development in the ongoing resolution of Celsius’s bankruptcy and the associated legal disputes.