Federal court allows Celsius $4B lawsuit vs Tether over disputed Bitcoin transactions.
Court rejects Tether’s jurisdiction challenge; breach of contract claims proceed.
Tether boosts Bitcoin holdings, denies plans for IPO amid ongoing legal battle.
A federal court has allowed Celsius Network to continue its $4 billion lawsuit against the stablecoin issuer Tether, a major development in one of the crypto industry’s most high-stakes legal battles.
The judge rejected Tether’s attempts to dismiss key parts of the lawsuit, which means Celsius can now pursue allegations that Tether improperly liquidated and seized over 57,000 of its Bitcoins during the market chaos of 2022.
What Is at the Heart of the Lawsuit?
The core of the dispute is Tether’s sale of 39,542 Bitcoin in June 2022, which Celsius claims was a breach of their contractual agreement. Celsius alleges this sale violated a 10-hour waiting period and was executed at prices well below market value, causing losses that now exceed $100 million.
Beyond that, Celsius claims that another 15,600 Bitcoin, posted as extra collateral, were never returned. In total, Celsius argues that Tether’s action…
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