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Tether Was Playing a Risky Game, a New Celsius Suit Reveals

Wired LogoWired10h ago

Tether Was Playing a Risky Game, a New Celsius Suit Reveals - Wired

Quick Summary:

The bankrupt crypto lender’s legal action brings into relief the backroom maneuvering that barely shielded Tether from widespread market turmoil.

Tether declined to comment on its ability in 2022 to cover the potential reserve shortfall associated with its loan to Celsius with corporate funds.

As Celsius was “tumbling towards bankruptcy,” the complaint alleges, Tether moved to “extinguish its entire exposure,” by unceremoniously selling off large amounts of bitcoin posted as security by Celsius against its outstanding loans.

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Article Details

Author / Journalist: Joel Khalili

Category: TechnologyEconomy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 17:42:45 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: wired.com

Language: English

Article Length: 1972 words

Reading Time: 11 minutes read

Sentences: 67 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Wired

News ID: 22088242

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About Wired

Main Topics: TechnologyEconomy

Official Website: wired.com

Update Frequency: 13 posts per day

Year Established: 1993

Headquarters: United States

News Last Updated: 12 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #111

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