KeyFi Founder Surrenders Valuable NFTs and Crypto Assets to Celsius as Settlement

IconCryptoNewsTerminal Staff14 Jul, 2024

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KeyFi Founder Surrenders Valuable NFTs and Crypto Assets to Celsius as Settlement

Jason Stone, founder of decentralized finance protocol KeyFi and former partner of Celsius (CEL), has agreed to surrender a substantial collection of non-fungible tokens (NFTs) and cryptocurrencies to Celsius as part of a settlement to resolve a long-standing legal dispute. This settlement brings an end to a three-year legal battle between the two parties. The settlement requires Stone to transfer ownership of over 13 CryptoPunks, 19 Meebits, and 14 Art Blocks to Celsius. Celsius is then obligated to sell these assets over a 12-month period and distribute 10% of the proceeds, up to a maximum of $500,000, to KeyFi. This settlement marks a significant development in the ongoing legal proceedings between KeyFi and Celsius. It demonstrates the growing recognition of the value and importance of digital assets, such as NFTs and cryptocurrencies, within the legal system.

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