‼️😱 Major Breaking News😱‼️
🚨 Attention Alert Attention 🚨
🔴🚨USDT vs Bitcoin Fraud vs Investigation🚨🔴
Read 👇🏻👇🏼
Tether Strikes Back: CEO Paolo Ardoino Denies $2.4B Bitcoin Fraud Claim in Celsius Lawsuit
Tether, the world’s leading stablecoin issuer, is in the spotlight after being accused of orchestrating a $2.4 billion Bitcoin fraud that allegedly led to the downfall of Celsius Network. The lawsuit, filed by the bankrupt crypto lender, claims Tether’s actions exacerbated its financial woes, pushing the company into bankruptcy.
However, Tether's CEO, Paolo Ardoino, has fiercely denied the allegations. He explained that the situation arose when Celsius sought to recover its Bitcoin collateral during a sharp market decline in 2022. According to Ardoino, Tether had entered into a standard overcollateralized agreement with Celsius, which allowed Tether to liquidate the collateral if Bitcoin's price dropped below a certain threshold. When Celsius failed to meet a margin call, Tether sold the Bitcoin and returned the excess, as per their agreement.
Ardoino dismissed the lawsuit as baseless, stating, "The Bitcoin sale was not only legal but necessary to cover our position." He hinted that Celsius is using litigation as a last-ditch effort to claw back funds, not just from Tether, but from others as well, to repay its creditors.
This lawsuit is just the latest in a series of legal challenges for Tether, which has been no stranger to courtroom battles. Despite this, Ardoino expressed confidence in Tether's legal standing, promising to set a precedent that will resonate across the crypto industry.
As the case unfolds, it underscores the increasing tensions and legal risks in the rapidly evolving world of cryptocurrencies, where the stakes—and the sums involved—are higher than ever.
Follow for updates and info. Like and Share. Thanks.
Buy and Enjoy. DYOR
#TONonBinance #MarketDownturn #BinanceTurns7 #BinanceHODLerBANANA #Write2Earn!
