The bankruptcy judge in the United States has spent that Celsius could move forward with a 4 billion dollar lawsuit against Tether, a decision that could reshape how to deal with the guarantee of encryption lending agreements.
This historical issue, which focuses on liquidating approximately 40,000 Bitcoin during the peak Celsius 2022, raises serious questions about contractual obligations, judicial jurisdiction and good -intention practices in the encryption industry.
The judge’s decision to allow major demands to move forward now paves the way for a high -risk legal confrontation that can have ripples across the ecosystem of digital assets.
CELSIUS ignores the “illegal” bitcoin filtering by Tether
At the heart of the case, CELSIUS was accused of incorrectly sold spices more than 39,500 bitcoin pledged as a guarantee.
The encryption loan claims that the filter occurred in June 2022 at an average price of $ 20,656, which is much lower than the prevailing market prices at that time.
according to Court filesCelsius argues that Tether has exceeded a required contract period for 10 hours, with what he described as a “fire” to its digital assets.
Revenue, as CELSIUS claims, has been transferred to Tether -controlled Bitfinex accounts, deepening confidence breach between the two entities.
Although Tether sought to completely reject the case, the court allowed many CELSIUS Central claims to move forward.
The judge supported CELSIUS allegations to violate the contract and fraudulent transfer, saying that the company had provided a “sufficient enough” case to ensure more examination.
Tether argued that the lawsuit represents an inappropriate attempt to implement the American bankruptcy law on a foreign entity that was integrated into the British Virgin and Hong Kong Islands.
However, the judge rejected this defense, and decided that the procedures concerned had enough local relations, including employees and communications in the United States, and financial accounts, to undergo the American judicial state.
This discovery greatly enhances CELSIUS position and paves the way for the situation to advance towards the experiment.
4 billion dollars at stake in a percentage case
Celsius, who was one of the largest players in Crypto Linding, claims that Tether’s actions led to losses of more than $ 4 billion at Bitcoin prices today.
Dramatic diving in Bitcoin price in mid -2012 greatly affected the Selsius sheet, which leads to the company’s bankruptcy and causes long legal and financial restructuring.
After 18 months of court procedures, Celsius came out of bankruptcy in January 2024, and since then he began paying creditors.
The last court ruling opens the door to a possible trial that will turn to whether Tether is illegally spent when it moved to the BTC liquidation without honoring the terms of the contract.
The judge emphasized that real disputes, especially the timing and method of selling assets, must be resolved in court.
What does this mean for the state?
For Tether, the lawsuit adds to an increasing list of legal and regulatory challenges it faces as a most prominent source of Stablecoins.
Although it refuses to commit violations, the company must now prepare to defend its practices in court, especially those that involve side management and money transfer.
Tether confirmed that her actions were necessary to maintain Stablecoin reserves and prevent the wider market disruption.
Meanwhile, the timing of this legal escalation comes as Tether expands its mark in Bitcoin markets, where he recently obtained the majority share in the capital twenty and converts nearly $ 4 billion from BTC to relevant addresses.
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