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.
