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Celsius, a bankrupt crypto lending platform, has filed a lawsuit against Tether for $2.4 billion in damages. Celsius claimed Tether’s Bitcoin transfers in 2020 were fraudulent. The dispute began with Tether’s use of low-interest loans, but after the market crash, Celsius couldn’t provide additional collateral, leading to Tether liquidating its Bitcoin assets.
Tether’s Defense and Ardoino’s Statements
Tether called the lawsuit “baseless,” and CEO Paolo Ardoino emphasized Tether’s right to liquidate the collateral. Ardoino stated, “Tether had the right to liquidate positions when Celsius failed to send additional collateral. This lawsuit is merely an attempt to blame Tether for poor management.” He also highlighted the lawsuit’s critical importance for the industry, asserting that Tether would fight to the end.
Tether and Celsius’s lawsuit is seen as a significant turning point for the future of the crypto sector. Tether aims to send a strong message to other industry players through this lawsuit.
Why Is This Lawsuit Considered Important?
In the crypto world, this lawsuit could serve as an important example for eliminating bad actors and establishing a stronger legal foundation. Ardoino thanked the community for its support, stating that Tether would not be deterred by such challenges. “Bullying in the crypto world never scares us,” said Paolo Ardoino, emphasizing the seriousness of the lawsuit.
From the perspective of the crypto world, this lawsuit is not just between Tether and Celsius but could cause ripples throughout the entire crypto sector. The results will define the legal framework of the crypto ecosystem and serve as a crucial guide to prevent similar situations in the future. Tether seems determined to continue leading the sector with its firm stance in this legal battle. However, an unfavorable outcome could significantly impact Tether. Will the lawsuit’s result align with the expectations of Tether’s CEO?
