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.Â
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.Â
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 firmâs downfall.Â
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