Celsius Seeks $3.5 Billion from Tether in New Lawsuit
On August 9, 2024, through the Blockchain Recovery Investment Consortium, Celsius Network initiated legal action against Tether and its affiliates in the United States Bankruptcy Court for the Southern District of New York. Celsius claims this lawsuit involves approximately $3.5 billion, but Tether has firmly dismissed it as meritless. Tether Will Defend Itself Against “Shake Down” Litigation Commenced by Celsius Learn more: https://t.co/6qjXD84EXh — Tether (@Tether_to) August 10, 2024 Lawsuit Overview Celsius’s lawsuit accuses Tether of mishandling Bitcoin collateral. According to the filing, Tether liquidated Celsius’s Bitcoin holdings at a crucial moment, leading to a claim for $2.4 billion worth of Bitcoin and additional damages. The court documents reveal that Celsius demands 57,428.64 BTC or its equivalent in US dollars, along with damages and legal fees. This figure contrasts with Tether’s reported value of approximately $2.4 billion. ...