Celsius Network Files Lawsuit Against Tether to Recover Billions

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Celsius Network, a once-renowned digital asset platform, has initiated a lawsuit against Tether and its affiliated entities. According to the filing, Celsius accused the stablecoin issuer of engaging in fraudulent Bitcoin (BTC) transfers totaling over $2 billion. 

The legal action, filed in federal bankruptcy court, comes amid allegations that Tether breached contractual obligations and liquidated Bitcoin assets, causing Celsius Network significant financial harm.

Celsius Says Tether Acted Unreasonably
Celsius entered into a loan agreement with Tether in 2020. In 2021, Tether lent Celsius about $1 billion at an interest rate between 5% and 6%, with Bitcoin as collateral. In total, the company had borrowed almost $2 billion in USDT. 

According to the complaint, Celsius asserts that Tether acted in bad faith by hastily liquidating a substantial amount of Bitcoin, which allegedly violated the terms of their agreement. This liquidation, Celsius claims, occurred during a critical period leading up to its bankruptcy, exacerbating the financial difficulties that ultimately led to the firm’s downfall. 

#CelsiusLawsuit #CelsiusNetwork #USDT #Tether #TONonBinance $BTC $ETH $USDC

🚨💰 Celsius Makes Waves with $2.5B Return to Creditors! 🚀

In a major update, bankrupt crypto lender #Celsius has returned a staggering $2.53 billion to approximately 251,000 creditors, according to a court filing on August 26!

What You Need to Know:
• Distribution Breakdown: Since January 2024, Celsius has disbursed over $3 billion in assets, with payments made in liquid crypto and cash valued as of January 16.
• Current Holdings: Only $12.96 million in crypto remains on-chain.

This landmark move is a crucial development in the bankruptcy proceedings and is set to impact thousands across the crypto landscape.

Stay tuned for more updates and follow the unfolding story!

#CelsiusLawsuit #CryptoNews #BankruptcyUpdate

Tether Refutes $2.4B Bitcoin Fraud Claims In Celsius Network Lawsuit

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After being accused of fraud worth over $2.4 billion, Tether CEO Paolo Ardoino has denied the claims, clarifying the event triggered the suit

Stablecoin issuer Tether has refused to take the fall for Celsius’ Bitcoin (BTC) fraud claim. Paolo Ardoino, the firm’s CEO offered a concise explanation into the situation that transpired between both parties.

Tether Calls Fraud Claims Baseless
Recently, Celsius Network filed a lawsuit against the USDT issuer and its affiliated entities on the basis that they contributed to its bankruptcy.

In the lawsuit, the complaint noted that the stablecoin company conducted “fraudulent” and “preferential” transfers of Bitcoin running to the tune of over $2 billion based on today’s market value.

Hence, the bankrupt lender is seeking to reclaim the collapsed estate’s lost BTC due to the stablecoin issuer’s actions during a critical period leading up to the firm’s bankruptcy.

However, Ardoino went back memory lane to give a picture of what actually transpired. He noted that the firm offered USDT to some of its customers and the plaintiff featured on the list.

The arrangement it had with these selected customers basically involved providing them with United States dollar-pegged stablecoin USDT while they provide an overcollateralization in Bitcoin.

#USDT #Tether #CelsiusLawsuit #Bitcoin #BTC $BTC $ETH $SOL

Celsius has sued Tether for $2.4 billion.

Celsius claims Tether sold Bitcoin at a low price during the crypto market crash, causing financial losses for the company.

#Celsius #TetherUSD #CelsiusLawsuit #MarketDownturn #BinanceTurns7

Crypto is slowly getting its legitimacy back.

Sam Bankman-Fried of FTX - 25 years in jail ✔️
Do Kwon of Terra - Awaiting Extradition
Alex Mashinsky of Celsius - Arrested

All of the bad apples of crypto are going to pay for wreaking havoc.

One has been convicted and sentenced.

Many more will follow.

Let this be a lesson for all those who stained the reputation of crypto.

And defraud millions for their personal gain.

As justice prevails, I hope this will bring more trust into web3.

#FTXTrial #TerraLunaClassic #CelsiusLawsuit #ScamDump