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Celsius Sues Tether Over $800M Worth of BTC in Alleged Wrong Liquidation
The post Celsius Sues Tether Over $800M Worth of BTC in Alleged Wrong Liquidation appeared on BitcoinEthereumNews.com. Celsius Network has filed a lawsuit against Tether in an attempt to recover more than $800 million lost funds in BTC, alleging wrongful liquidation. The case, which has been labeled as a “baseless shakedown” by Tether, was filed in the US Bankruptcy Court for the Southern District of New York. Amidst the escalating legal battle, Tether’s CEO, Paolo Ardoino, has firmly vowed to contest the claims, stating confidence in Tether’s contractual actions. Celsius Network files a lawsuit against Tether over $800 million BTC liquidation, alleging contractual breaches and demands restitution. Celsius Network’s Legal Pursuit Against Tether for BTC Liquidation The long-standing crypto lender, Celsius Network, has initiated legal proceedings against the stablecoin issuer Tether, alleging a breach of contract and improper liquidation of Bitcoin worth over $800 million. Celsius’s lawsuit filed on August 9 in the US Bankruptcy Court for the Southern District of New York, claims that Tether did not uphold its contractual obligations established in the 2020 loan agreement. This agreement allowed Celsius to borrow USDT and EURT against Bitcoin collateral. Amid the 2022 market downturn, when the price of Bitcoin plummeted, Celsius alleges that Tether prematurely liquidated its Bitcoin collateral. The Core Allegations of the Lawsuit In the detailed filing, Celsius contends that Tether acted improperly by liquidating collateral before the stipulated ten-hour window, as per their Token Agreement. On June 13, 2022, Tether requested additional collateral, and despite Celsius’s attempts to comply, Tether proceeded with liquidating over 39,542 Bitcoin, thereby extinguishing Celsius’s residual interest in the collateral. Celsius has characterized these transactions as “Preferential Top-Up Transfers” and “Preferential Cross-Collateralization Transfers,” actions it claims unfairly advantaged Tether over other creditors. Tether’s Stalwart Defense Against Allegations Tether and its CEO, Paolo Ardoino, have issued strong rebuttals to the allegations, describing the lawsuit as meritless. Ardoino reiterated Tether’s practice…
The post Celsius Sues Tether Over $800M Worth of BTC in Alleged Wrong Liquidation appeared on BitcoinEthereumNews.com.
Celsius Network has filed a lawsuit against Tether in an attempt to recover more than $800 million lost funds in BTC, alleging wrongful liquidation. The case, which has been labeled as a “baseless shakedown” by Tether, was filed in the US Bankruptcy Court for the Southern District of New York. Amidst the escalating legal battle, Tether’s CEO, Paolo Ardoino, has firmly vowed to contest the claims, stating confidence in Tether’s contractual actions. Celsius Network files a lawsuit against Tether over $800 million BTC liquidation, alleging contractual breaches and demands restitution. Celsius Network’s Legal Pursuit Against Tether for BTC Liquidation The long-standing crypto lender, Celsius Network, has initiated legal proceedings against the stablecoin issuer Tether, alleging a breach of contract and improper liquidation of Bitcoin worth over $800 million. Celsius’s lawsuit filed on August 9 in the US Bankruptcy Court for the Southern District of New York, claims that Tether did not uphold its contractual obligations established in the 2020 loan agreement. This agreement allowed Celsius to borrow USDT and EURT against Bitcoin collateral. Amid the 2022 market downturn, when the price of Bitcoin plummeted, Celsius alleges that Tether prematurely liquidated its Bitcoin collateral. The Core Allegations of the Lawsuit In the detailed filing, Celsius contends that Tether acted improperly by liquidating collateral before the stipulated ten-hour window, as per their Token Agreement. On June 13, 2022, Tether requested additional collateral, and despite Celsius’s attempts to comply, Tether proceeded with liquidating over 39,542 Bitcoin, thereby extinguishing Celsius’s residual interest in the collateral. Celsius has characterized these transactions as “Preferential Top-Up Transfers” and “Preferential Cross-Collateralization Transfers,” actions it claims unfairly advantaged Tether over other creditors. Tether’s Stalwart Defense Against Allegations Tether and its CEO, Paolo Ardoino, have issued strong rebuttals to the allegations, describing the lawsuit as meritless. Ardoino reiterated Tether’s practice…
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