Judge lets Celsius $4B Bitcoin lawsuit against Tether move forward
2025-07-02 08:15:00
Main Idea
A US judge has allowed Celsius Network's $4 billion lawsuit against Tether over Bitcoin liquidation to proceed, rejecting key parts of Tether's dismissal bid.
Key Points
1. Celsius alleges Tether conducted a 'fire sale' of over 39,500 Bitcoin in June 2022, liquidating them below market prices and transferring proceeds to Bitfinex accounts.
2. Celsius claims Tether violated 'good faith and fair dealing' under British Virgin Islands law by selling collateral before a 10-hour waiting period.
3. Tether sought to dismiss the lawsuit in August 2024, but the court ruled Celsius's claims could proceed due to sufficient US-based ties in the case.
4. Celsius estimates the Bitcoin liquidation caused over $4 billion in losses at current prices.
5. Tether continues expanding its Bitcoin holdings, recently transferring nearly 37,230 BTC ($3.9 billion) to its platform addresses.
Description
A US judge has allowed Celsius’s lawsuit over Tether’s $4 billion Bitcoin liquidation to move forward, rejecting key parts of Tether’s dismissal bid.
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