Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy

Quick Summary:

The legal dispute centers around a revised agreement made in January 2022, which permitted Celsius to borrow USDT from Tether by securing the loan with collateral in Ether, Tether Gold, or Bitcoin.

The stablecoin company also confirmed Celsius Network’s $2.4 billion BTC claim, albeit while describing it as another “shameless litigation money grab” to which it will never succumb.  Related Reading: Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000 Moreover, the lawsuit also demands the return of an additional 15,658.21 Bitcoins and 2,228.01 Bitcoins from a top-up transfer, bringing the total claimed value to over $3.5 billion at today’s Bitcoin prices.

The lawsuit, which was filed concerning a contract dispute dating back to 2022, alleges that Tether violated their agreement by unjustifiably liquidating 39,542.42 Bitcoins that were held as collateral for a loan issued in USDT.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Celsius USDT Altcoins Lawsuit Cryptocurrency Market News Crypto Tether

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-11 @ 18:00:41 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 462 words

Reading Time: 3 minutes read

Sentences: 60 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22019000

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