365int
Celsius Network can finally go after Tether in court. A U.S. bankruptcy judge just ruled their $4 billion lawsuit is fair game.
Back in June 2022, Tether dumped over 39,500 Bitcoin from Celsius. The price? Just $20,656 each. Ouch. Celsius owed $812 million, but they say Tether ignored the contract rules and fire-sold the Bitcoin without waiting.
Celsius says Tether broke their lending agreement and acted shady. According to them, this deal-breaking move happened right as crypto markets were tanking.
Tether supposedly moved all that Bitcoin into its Bitfinex accounts. Celsius also thinks this mess involved U.S. workers and systems — giving U.S. courts a reason to step in, even though Tether is based in the British Virgin Islands and Hong Kong.
Tether tried to get the whole thing tossed out in 2024. Didn’t work. The judge said Celsius made a decent case that the drama was local enough for U.S. law to apply.
Some parts of the lawsuit were dismissed, but the big stuff — fraud, contract breach, and dodgy transfers — is still going forward.
Fun fact: Celsius just got out of bankruptcy in January 2024 after 18 painful months. They’re now paying back creditors.
Also, Tether’s CEO says they’re not going public anytime soon, even though some think it could be worth more than Coca-Cola. Oh, and they recently bought a bunch of Bitcoin too.
