Celsius Takes Legal Action Against Tether In $2.4 Bitcoin Collateral Controversy
2024年8月12日 - 3:00AM
NEWSBTC
Bankrupt crypto lender Celsius Network has initiated legal
proceedings against Tether, the company behind the USDT stablecoin.
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. Celsius contends that
Tether’s decision to sell the Bitcoin at that time was improper and
a breach of the loan agreement. Celsius Files Lawsuit Against
Tether Celsius Network’s disparity with Tether kicked off with a
Bitcoin crash in 2022 and ultimately contributed to the crypto
lender filing for bankruptcy in July 2022. 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. Related Reading:
Cardano Eyes $0.3389: Can Bulls Sustain ADA Above This Critical
Level? At the height of its borrowing, Celsius had secured nearly
$2 billion in USDT from Tether, using tens of thousands of Bitcoins
as collateral. As per the new agreement, Tether would be required
to post a notice and wait for 10 hours if the value of the
collateral were to fall below a specific threshold. However,
Bitcoin’s crash in early 2022 meant the value of the Bitcoin
collateral held by Tether tanked in tandem. As such, Tether
required Celsius to post more collateral, a demand which it
complied with by transferring 15,658.21 Bitcoin and another
2,228.01 Bitcoin of excess collateral for another loan. The
complaint alleges that on June 13, 2022, Tether issued another
demand for additional collateral. Contrary to the agreement’s
requirement to wait for ten hours, Tether reportedly proceeded to
liquidate the entire Bitcoin collateral without allowing Celsius
the stipulated period to address the demand. “Tether forged ahead
with an improper application of 39,542.42 Bitcoin—the entirety of
collateral that Celsius had posted——using the pledged Bitcoin to
cover its exposure in full, but destroying Celsius’s residual
interest in the collateral,” the lawsuit read. Lawsuit Is Baseless,
Tether Says Back then, the 39,542 BTC collateral for which Celsius
is seeking a refund was worth around $800 million. However, the
value of Bitcoin has grown since then, and the collateral is now
worth more than $2 billion at today’s prices. In response,
Tether addressed the lawsuit as baseless. 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. In other news, Tether’s USDT recently crossed a new
milestone of a $115 billion market cap. Featured image from WSJ,
chart from TradingView
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