Tether has responded to a $2.4 billion lawsuit from the defunct crypto lending platform Celsius, which accuses Tether of fraudulent Bitcoin transfers related to a 2020 loan agreement.
Celsius claims that Tether unfairly liquidated its Bitcoin collateral during a market crash without allowing it to provide additional coins, leading to significant losses.
Tether’s CEO, Paolo Ardoino, rejected the accusations, insisting that Tether acted within its rights and labeled the lawsuit as “baseless.” He emphasized that Tether will vigorously fight the case, viewing it as a crucial industry issue, and expressed appreciation for the strong support from the Tether community.
The company is ready to fight the case in court, describing it as an attempt to extort money. Tether emphasized its strong financial health, with nearly $12 billion in consolidated equity as of June 30, 2024, and assured that even if the claims were valid, they would not affect Tether token holders.
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