Tether is facing a $2.4 billion lawsuit from Celsius Network over a 2022 agreement. The dispute stems from Tether's provision of USD₮ to Celsius, backed by Bitcoin collateral. When Celsius failed to post additional collateral in June 2022, they instructed Tether to liquidate the BTC collateral, resulting in an approximately $815 million position being closed out. Celsius is now seeking the return of $2.4 billion worth of BTC from Tether. The company has vowed to defend against the claims, labeling them as baseless and highlighting that the agreement was made before Celsius' bankruptcy.
Source: https://Blockchain.News/news/tether-to-defend-against-celsius-lawsuit
isphere_crypto / Crypto & Blockchain - InfoSphere
npub1u2…tzssv
2024-08-10 15:50:04
Author Public Key
npub1u235f2cryudaw6plpsfqk4feylzvd9f36ufgfyzrvkaukpyx5ptq5tzssvPublished at
2024-08-10 15:50:04Event JSON
{
"id": "7672a44fd584c1af3bfc8ad73e31a23fd9775c7b7f97345ac0a923c157cfab26",
"pubkey": "e2a344ab03271bd7683f0c120b553927c4c69531d71284904365bbcb0486a056",
"created_at": 1723305004,
"kind": 1,
"tags": [],
"content": "Tether is facing a $2.4 billion lawsuit from Celsius Network over a 2022 agreement. The dispute stems from Tether's provision of USD₮ to Celsius, backed by Bitcoin collateral. When Celsius failed to post additional collateral in June 2022, they instructed Tether to liquidate the BTC collateral, resulting in an approximately $815 million position being closed out. Celsius is now seeking the return of $2.4 billion worth of BTC from Tether. The company has vowed to defend against the claims, labeling them as baseless and highlighting that the agreement was made before Celsius' bankruptcy.\n\nSource: https://Blockchain.News/news/tether-to-defend-against-celsius-lawsuit",
"sig": "ba64a7d100a018290074aad346c8c4a3540ab1a9b14669dcac2d29ca2cb4ef1364742de98d516dfbe2f1f8fff4821a916d5f928d56e6a132381e29aa93d447d4"
}