Celsius Files $2.4 Billion Lawsuit Against Tether Amid Bankruptcy Proceedings

Monday, 12 August 2024, 11:00
In a significant legal action, Celsius, a bankrupt cryptocurrency lending platform, is suing Tether for approximately $2.4 billion. The lawsuit is part of Celsius's effort to recover funds while navigating its bankruptcy process. Tether, known for its issuance of the world's largest stablecoin, has responded by labeling the lawsuit as a 'meritless shakedown.' This situation highlights ongoing tensions in the cryptocurrency sector, especially concerning the financial obligations and practices of digital asset firms.
Thestreet
Celsius Files $2.4 Billion Lawsuit Against Tether Amid Bankruptcy Proceedings

Overview of Celsius's Lawsuit Against Tether

Celsius Network, currently undergoing bankruptcy proceedings, has initiated legal action against Tether to recover an estimated $2.4 billion. This lawsuit underscores the escalating disputes in the cryptocurrency landscape.

Tether's Response

In response to the lawsuit, Tether has strongly criticized the claim, asserting that it is a 'meritless shakedown'.

Key Takeaways

  • The lawsuit is a part of Celsius's effort to reclaim assets during bankruptcy.
  • Tether's stablecoin dominance and its associated risks are highlighted through this legal battle.
  • This case reflects broader issues within the cryptocurrency market concerning regulatory scrutiny and financial stability.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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