Following lawsuits and counterclaims over KeyFi and its founder Jason Stone’s relationship with bankrupt crypto lender Celsius, the two parties have agreed to settle according to a settlement filed in court last week. Jason Stone is also known as the leader of the pseudonymous 0xb1 X account.
As part of the agreement, KeyFi will transfer various assets to Celsius, including a wallet containing hundreds of different tokens and valuable NFTs, as well as the $1.1 million proceeds from the sale of Mutant Ape Yacht Club to billionaire Adam Weitsman, which are currently held in escrow. KeyFi will also transfer assets associated with DeFi protocols Spartan, Unslashed, Stakehound, and cryptocurrency firm Fireblocks.
Under the agreement, Celsius will liquidate the assets over the next 12 months. Celsius will pay KeyFi and Stone an initial payment of $300,000, plus a rare 1:1 NFT by Marco Santorini. After the liquidation, Celsius will then pay KeyFi 10% of the profits, up to a maximum of $500,000. (Given that the assets in question contain several valuable NFTs, it is likely that this cap will be reached.)
The wallet in question contains a variety of crypto tokens, usually with small balances. For example, the wallet contains about $500 worth of Dogecoin, about $2,600 worth of the USD Coin stablecoin, and several others.
But the wallet also contains several valuable NFTs: 13 CryptoPunks, 3 Fidenzas from artist Tyler Hobbs, 19 Meebits, 4 Mutant Apes, 14 Otherdeeds, and dozens of other tokens from projects like World of Women, Art Blocks, and Rarible. If Celsius liquidates these NFTs next year, it could have an impact on the floor price of the collection, as demand for NFTs has dropped significantly over the past year.
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