Celsius Sues Tether Over $2.4 Billion Bitcoin Fraud

Aug 10, 2024, 01:10 PM

Celsius Network has filed a lawsuit against Tether, accusing the stablecoin issuer of fraudulent and preferential Bitcoin transfers worth over $2 billion. The lawsuit claims that during the 90 days leading up to Celsius' financial troubles, Tether improperly liquidated Bitcoin, causing significant losses for Celsius. Tether allegedly printed nearly 2 billion tethers out of thin air for the Celsius Ponzi scheme in exchange for over 39,000 bitcoins. In response, Tether has vowed to defend itself against the $2.4 billion lawsuit, dismissing it as a 'shake down'.