{"id":135290,"date":"2024-08-10T18:28:57","date_gmt":"2024-08-10T15:28:57","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=135290"},"modified":"2024-08-10T18:28:57","modified_gmt":"2024-08-10T15:28:57","slug":"bankrupt-crypto-lender-sues-tether-for-over-2-billion","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/bankrupt-crypto-lender-sues-tether-for-over-2-billion\/","title":{"rendered":"Bankrupt Crypto Lender Sues Tether for Over $2 billion"},"content":{"rendered":"<p>The lawsuit, filed in federal bankruptcy court, seeks to recover the lost Bitcoin, which Celsius claims was mishandled by Tether during a critical period leading up to its bankruptcy.<\/p>\n<p>In 2020, Celsius, a major crypto lender, entered into a loan agreement with Tether Ltd., allowing it to borrow stablecoins like <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/tether\/\">USDT<\/a> <\/strong>and EURT at low-interest rates, using Bitcoin as collateral. By mid-2022, Celsius had borrowed nearly $2 billion in USDT, backed by tens of thousands of <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">BTC<\/a><\/strong>.<\/p>\n<p>The <strong><a href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174908102480000000001.pdf\" target=\"_blank\" rel=\"nofollow\">lawsuit<\/a> <\/strong>alleges that during the ninety days before Celsius filed for bankruptcy in July 2022, Tether demanded and received substantial additional collateral, totaling 15,658.21 BTC, and secured new loans with an additional 2,228.01 BTC. These actions, described as \u201cPreferential Top-Up Transfers\u201d and \u201cPreferential Cross-Collateralization Transfers,\u201d allegedly unfairly benefited Tether at the expense of Celsius\u2019s other creditors.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/here-is-what-sets-apart-cardano-rom-other-top-cryptocurrencies\/\" title=\"Here is What Sets Apart Cardano From Other Top Cryptocurrencies\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/cardano-7-4-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Here is What Sets Apart Cardano From Other Top Cryptocurrencies<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>On June 13, 2022, Tether reportedly demanded more collateral, giving Celsius just 10 hours to respond. However, Tether allegedly applied all of Celsius\u2019s collateral\u201439,542.42 BTC\u2014immediately, breaching the contract. This \u201cPreferential Application Transfer\u201d is claimed to have caused substantial financial damage, as Tether sold the Bitcoin at a lower market value, significantly below its current worth.<\/p>\n<p>The lawsuit argues that Tether\u2019s liquidation of Celsius\u2019s Bitcoin was commercially unreasonable, violating established market practices. Celsius seeks to recover the Bitcoin or its equivalent value in damages, claiming that Tether\u2019s actions deprived it of the opportunity to withstand the market downturn and pursue bankruptcy protection.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celsius Network Ltd. has filed a lawsuit against Tether and its affiliates, accusing them of engaging in &#8220;fraudulent&#8221; and &#8220;preferential&#8221; transfers involving over $2 billion in Bitcoin (BTC).<\/p>\n","protected":false},"author":3,"featured_media":36397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22,26],"tags":[],"class_list":["post-135290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","category-cryptocrime"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - 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