- This settlement follows a series of lawsuits and countersuits by the parties.
- As part of the settlement agreement, Celsius will receive a plethora of assets from KeyFi.
Last week, an agreement was filed in court by the two parties involved in KeyFi and founder Jason Stone’s link to insolvent cryptocurrency lender Celsius. This settlement follows a series of lawsuits and countersuits.
As part of the settlement agreement, Celsius will receive a plethora of assets from KeyFi. These assets include wallets holding various tokens and expensive NFTs. As well as the $1.1 million sold by Mutant Ape Yacht Club to billionaire Adam Weitsman and currently held in escrow. Assets associated with the DeFi-developed protocols Spartan, Unslashed, Stakehound, and Fireblocks are also transferred by KeyFi.
Valuable NFTs included
Following the closing of the agreement, Celsius will sell the assets over the next twelve months. In addition to the $300,000 upfront payment, Celsius will also provide KeyFi and Stone with a unique NFT designed by Marco Santorini. After the liquidations are completed, KeyFi will get 10% of the profits, up to a maximum of $500,000. Because so many valuable NFTs are included in these assets, it is likely that this limit has been reached.
The wallets in question contain a wide range of cryptocurrency tokens, often with very small amounts. Some of the different cryptocurrencies stored in these wallets include Dogecoin (worth about $500) and USD Coin (worth about $2,600), among many more.
But there are also a lot of valuable NFTs in those wallets. 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 may be affected by the liquidation of these NFTs by Celsius in the coming year.
