New York Bankruptcy Court Approves Celsius’ $4.3 Billion Lawsuit Against Tether
Odaily Planet Daily reported that, according to court documents, a New York bankruptcy judge has allowed Celsius to proceed with most of its $4.3 billion lawsuit against stablecoin issuer Tether. Celsius alleges that in June 2022, just before it was on the verge of bankruptcy, Tether liquidated nearly 40,000 BTC without sufficient notice, violating the contractual obligation to provide a margin call period. Tether responded that the lawsuit is "baseless" and accused Celsius executives of having verbally approved the action. The judge ruled that such "verbal approval" is not sufficient to replace the terms stipulated in the contract. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitwise CIO: ETH may lead the crypto market rebound, with the December Fusaka upgrade as a key catalyst
Bitwise CEO increases Bitcoin holdings again at the $85,000 price level
