Celsius Sells GK8 for $25 Million, and Spends 96% on Legal Fees!

The post Celsius Sells GK8 for $25 Million, and Spends 96% on Legal Fees! appeared first on Coinpedia Fintech News

Celsius, a crypto-lending firm, has requested relief from the court related to the distribution of funds from the sale of the self-custody platform, GK8. The Series B holders have agreed on a compromise to divide $25 million from the returns of GK8’s sale, with $24m allocated for legal expenses and the remaining $1m to be distributed among the holders. The settlement aims to avoid costly litigation and a lengthy verification process with a corresponding growth in professional fees. Celsius acquired GK8 in 2021 for $115m but had to sell it as part of its restructuring plan.