Celsius Sues Tether for $2.4 Billion Over Fraudulent Transfer of 39,000+ Bitcoins

Aug 10, 2024, 03:14 PM

Celsius Network has filed a lawsuit against Tether, accusing the stablecoin issuer of fraudulent and preferential Bitcoin transfers totaling $2.4 billion. The lawsuit, filed in the U.S. Bankruptcy Court, claims that Tether improperly liquidated over 39,000 bitcoins of collateral held by Celsius in 2022. Celsius alleges that Tether seized the Bitcoin through fraudulent transfers, demanding collateral and liquidating it at bargain prices. Tether has dismissed the lawsuit as a 'shake down' and pledged to defend itself against the accusations.