Celsius Sues Tether, Seeking $3.5B Over Bitcoin Collateral Sell-Off !!

Defunct crypto exchange Celsius has filed a lawsuit against Tether in an attempt to claw back billions of dollars’ worth of BTC that the company says Tether sold improperly at the bottom of the market as the crypto lender began to collapse.

Publicly available court documents show that Celsius has asked the court for relief in the amount of 57,428.64 BTC or its current market dollar equivalent, plus damages and legal fees.

The lawsuit alleges that Tether loaned it a specific amount of USDT in return for 39,542.42 BTC in collateral during Celsius’ bankruptcy proceedings.

As the price of Bitcoin dropped, and per the two parties’ agreement, Celsius was required to provide further collateral to avoid liquidation. Celsius claims Tether liquidated the BTC at a price point that almost exactly covered the debt without giving it the opportunity to provide additional collateral.

#TONonBinance #XRPVictory #MtGoxJulyRepayments #MarketDownturn #Write2Earn!