KeyFi Settles With Bankrupt Crypto Lender Celsius, Will Transfer Assets Including 13 CryptoPunks and 3 Tyler Hobbs Fidenzas

Following a lawsuit and countersuit, the two parties have agreed to settle according to an agreement filed in court last week.

Cryptocurrency company KeyFi and bankrupt crypto lender Celsius have settled a lawsuit and countersuit over the former's relationship to Celsius, according to an agreement filed in court last week.

The settlement will see KeyFi transfer a multitude of assets to Celsius, including wallets containing hundreds of different tokens and NFTs, along with the $1.1 million proceeds of a Mutant Ape Yacht Club sale to billionaire Adam Weitsman currently held in escrow. KeyFi will also transfer assets related to DeFi protocols Spartan, Unslashed, Stakehound, and crypto firm Fireblocks.

Celsius will then liquidate the assets over the course of the next twelve months. Afterward, Celsius will pay KeyFi and founder Jason Stone (also known as the leader behind the pseudonymous 0xb1 X account) an initial payment of $300,000 plus a rare one-of-one NFT by Marco Santorini.

Following the liquidations, Celsius will pay 10% of the proceeds to KeyFi, up to $500,000. (Considering the assets in question contain several valuable NFTs, this cap will likely be reached.)

The wallets in question contain a large variety of various crypto tokens, generally in small balances. For example, the wallets contain about $500 worth of Dogecoin and about $2,600 worth of USD Coin stablecoins, among many others.

However, the wallets also contain several valuable NFTs: 13 CryptoPunks, three Fidenzas by artist Tyler Hobbs, 19 Meebits, four Mutant Apes, 14 Otherdeeds, and dozens of other tokens from projects such as World of Women, Art Blocks, and Rarible.

The liquidation of these NFTs over the next year by Celsius could impact the floor price of the collections as NFT demand has largely dried up over the past year.

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